Base Metals Preview: Massive Strength In Copper, Economic Cues Upbeat

Base Metals Preview: Massive Strength In Copper, Economic Cues Upbeat

May 07, 2021 08:05 IST capital market

COMEX Copper futures continued to benefit from soaring equities and upbeat US economic newsflow. COMEX Copper broke above $4.60 per pound and currently trades up 0.84% at $4.65 per pound. MCX Copper ended up 1.27% at Rs 770.75 per kg. The US stocks edged up on continued economic optimism with the DOW surging to another record high. The US initial jobless claims fell to 498,000, a decrease of 92,000 from the previous weeks revised level of 590,000.The claims once again fell to their lowest level since hitting 256,000 in the week ended March 14, 2020. The US Labor Department said labor productivity spiked by 5.4% in the first quarter after tumbling by a revised 3.8% in the fourth quarter of 2020.

Eurozone retail sales rose 2.7% in March from February, when volume was up 4.2%, Eurostat reported Thursday. Food, drinks and tobacco sales gained 1% and non-food product sales grew 4.6%. Meanwhile, sales of automotive fuel in specialized stores dropped 2.9%. On a yearly basis, retail sales rebounded 12 percent, following a 1.5% drop in February. Retail sales in the EU27 grew 2.6% on month taking the annual growth to 11.6% in February. Germanys factory orders growth accelerated in March, data from Destatis revealed on Thursday. Factory orders gained 3% month-on-month in March, following the revised 1.4% increase seen in February. On a yearly basis, new order growth spiked 0sharply to 27.8% from 5.8% in the previous month.

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