Base Metals Preview: COMEX Copper Hits $4.60 Per Pound

10 Feb 2022 , 09:00 AM

COMEX Copper futures surged on supply concerns and firm equities. Mining company MMG Ltd., owner of the Las Bambas copper mine in Peru, has warned that it may have to halt operations at the mine by February 20 if a recent road blockade is not lifted, media reports noted. Copper also benefitted from two month low LME inventories and spiked more than 3% to approach three and half month highs above $4.60 per pound. MCX Copper futures closed at Rs 750 per kg, up around 2% on the day. A new study suggests that the global electric vehicle market will multiply in valuation by five times by 2030, based on new data acquired by Allied Market Research, media reports noted. The 2020 EV market size was valued at $163.01 billion. The new study says that the global EV sector will reach $823.74 billion by 2030, at a compound annual growth rate (CAGR) of 18.2%.

Powered by Commodity Insights