Base Metals Preview: MCX Copper Spikes More Than 1%

Base Metals Preview: MCX Copper Spikes More Than 1%

Nov 25, 2021 08:11 IST capital market

COMEX Copper edged up to one week high of $4.49 per pound amid good buying support as firm US economic cues benefitted the red metal. MCX Copper ended at Rs 749.45 per kg, up 1.17% on the day. The US Commerce Department said real gross domestic product advanced by 2.1% in the third quarter compared to the previously reported 2% increase. The University of Michigan released a report on Wednesday showing consumer sentiment in the US decreased by slightly less than initially estimated in the month of November. The report said the consumer sentiment index for November was upwardly revised to 67.4 from the preliminary reading of 66.8.

After reporting a sharp increase in US new home sales in the previous month, the Commerce Department released a report on Wednesday showing new home sales saw continued growth in the month of October. The report said new home sales rose by 0.4% to an annual rate of 745,000 in October after spiking 7.1% to a downwardly revised rate of 742,000 in September. The US initial jobless claims tumbled to five decades low of 199,000, a decrease of 71,000 from the previous weeks revised level of 270,000.

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