Base Metals Preview: COMEX Copper Falls, Eurozone Manufacturing Sector Softens

25 Mar 2022 , 08:55 AM

Copper tanked amid weak economic cues. The COMEX Copper futures fell around 1% in last session to $4.72 per pound as recent uptick to two week high failed to sustain. The US Commerce Department said durable goods orders fell by 2.2% in February after jumping by 1.6% in January. The much bigger than expected decrease in durable goods orders came as orders for transportation equipment plunged by 5.6% in February after surging by 3.2% in January. The S&P Global Eurozone Composite PMI fell to 54.5 in March of 2022 from 55.5 in February as the economic impact of a war Ukraine offset stronger demand for services as COVID-19 restrictions were lifted. Manufacturing PMI fell to 57 in March of 2022 from 58.2 in February. Manufacturing expanded the least in 14-months impacted by supply bottlenecks, a drop in export demand, and a surge in costs for parts and raw materials on the heels of the war in Ukraine. Services PMI dropped to 54.8 in March 2022 from 55.5 in the previous month.

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