Base Metals Preview: COMEX Copper Cuts Losses, Chinese Industrial Production Jumps

16 Mar 2022 , 09:01 AM

COMEX Copper cut losses from a two week low as firm US equities and supportive Chinese economic cues supported the metal. The US equities surged on bargain buying with DOW soaring 1.8% on the day. The Nasdaq jumped 2.9%, bouncing from its one year low. Chinas industrial production rose by 7.5% on year in January-February 2022 combined, quickening from a 4.3% gain in the prior period, data from the National Bureau of Statistics showed on Tuesday. The latest figure was the fastest pace since June 2021, as the recovery in the economy gained momentum in the first two months of the year. Chinas fixed-asset investment went up 12.2% year on year in the first two months of the year. COMEX Copper futures are currently trading at $4.53 per pound, up 0.67% on the day. This should support MCX Copper in early moves. MCX Copper ended at Rs 789 per kg, down 0.90% on the day.

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