Base Metals Preview: Copper Stays In Demand

Base Metals Preview: Copper Stays In Demand

Jul 23, 2021 09:07 IST capital market

COMEX Copper futures moved up well, hitting one week high of $4.35 per pound amid supportive global equities. The US stocks stayed largely supported as the market continued to focus on earnings. Copper continues to see bargain buying with broad sentiments still being driven by movements in risky assets. ADB noted in a latest update earlier this week that economic activity in China expanded by 18.3% in Q1 2021 from a low base last year. ADB kept Chinese GDP growth forecasts unchanged at 8.1% in 2021 and 5.5% in 2022. COMEX Copper currently trades up 1.5% at $4.33 per pound. MCX Copper futures ended at Rs 736.40 per kg, up 1.63% on the day after hitting above Rs 737 mark. The red metal also eyed comforting data on the US housing front. The US National Association of Realtors (NAR) released a report on Thursday showing existing home sales rebounded in the month of June following four straight monthly declines. NAR said existing home sales jumped by 1.4% to an annual rate of 5.86 million in June after slumping by 1.2% to a revised rate of 5.78 million in May.

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