Base Metals Preview: Firm US Economic Cues Boost Copper

Base Metals Preview: Firm US Economic Cues Boost Copper

Apr 16, 2021 09:04 IST capital market

Copper soared as the US stocks extended record hitting spree on supportive economic cues. US industrial production jumped by 1.4% in March after plunging by a downwardly revised 2.6% in February, the Federal Reserve reported on Thursday. Retail sales in the US soared in the month of March, according to a report released by the Commerce Department on Thursday. The Commerce Department said retail sales skyrocketed by 9.8% in March after tumbling by a revised 2.7% in February. The US Labor Department said initial jobless claims tumbled to 576,000, a decrease of 193,000 from the previous weeks revised level of 769,000. These pointers pushed up the COMEX Copper to a seven week high above $4.20 per pound in last session. The MCX Copper futures spiked 1.76% to end at Rs 718.80 per kg as well.

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