Base Metals Preview: Copper Stays Around Six Year High, MCX Futures Hit Rs 570 Mark

Base Metals Preview: Copper Stays Around Six Year High, MCX Futures Hit Rs 570 Mark

Nov 27, 2020 08:11 IST capital market

COMEX Copper stayed well supported amid weak US dollar even as economic cues were lax and equities saw thin movement. COMEX Copper hit six year high and currently trades up 0.12% at $3.36 per pound. MCX Copper closed at Rs 570.20 per kg, up 1.61% on the day. German consumer sentiment dampened due to the partial lockdown, survey results from the market research group GfK showed Thursday. The forward-looking consumer sentiment index fell to -6.7 in December from revised -3.2 in October. All sub-components of the confidence index weakened in November. The economic expectation indicator fell by 7.3 points to -0.2 in November. This was the lowest figure since May. .

UK car production recorded a double-digit slide in October, the Society of Motor Manufacturers & Traders said Thursday. Car production plummeted 18.2% on year in October to 110,179 units in October. Due to the impact of coronavirus and fresh lockdowns at home and abroad, production for the domestic market decreased 13.6% from last year and that for foreign market dropped by 19.1%. During the January to October period, output fell by -33.8% with 379,308 fewer cars made than the same period in 2019. Japan’s Cabinet Office said Japanese economy is still in a severe situation due to the novel coronavirus, but it is showing movements of picking up.

Powered by Commodity Insights

Related Story