Base Metals Preview: COMEX Copper Fails To Hold Above $4.80 Per Pound Mark

31 Mar 2022 , 09:03 AM

COMEX Copper futures hit near a one week high above $4.82 per pound but failed to sustain as US equities slipped. A report released by the Commerce Department on Wednesday showed the US economy grew by slightly less than previously estimated in the fourth quarter of 2021. The Commerce Department said real gross domestic product increased by 6.9% in the fourth quarter, reflecting a modest downward revision from the previously estimated 7% spurt. Worries over escalating Covid-19 cases in China also capped upside for the red metal and COMEX Copper futures currently trade at $4.72 per pound, down 0.56% on the day. MCX Copper futures closed at Rs 821.95 per kg, up 0.51% on the day and are likely to see a subdued opening.

Powered by Commodity Insights