Base Metal Preview: COMEX Copper Seen Supported Above $4.20 Per Pound

11 May 2022 , 09:05 AM

Slight pullback in the US dollar supported copper to rebound above $4.20 levels. Dollar holds under 104 mark as US treasury yields took a breather at around 2.95% after hitting a high of 3.20% on Monday for the first time since November 2018. Consumer prices in China were up 2.1 percent on year in April, exceeding expectations for an increase of 1.8 percent and was up from 1.5 percent in March. On a monthly basis, inflation rose 0.4 percent beating forecasts for a gain of 0.2 percent following the flat reading from the previous month. Producer prices spiked 8.0 percent on year, beating expectations for a gain of 7.7 percent but slowing from the 8.3 percent increase a month earlier. Meanwhile, Chinas copper imports in April dropped 4% from the same month a year earlier, customs data showed on Monday. Powered by Commodity Insights