Base Metals Preview: COMEX Copper Hits Two Week High

21 Mar 2022 , 12:47 AM

COMEX Copper futures moved up to a two week high of $4.76 per pound in last session as the US stocks continued to rally after recent set of losses. DOW spiked 0.80% on the day and added 5.4% for the week. Economic cues were mixed. After showing the first decrease in almost a year in the previous month, the Conference Board released a report on Friday showing its U.S. leading economic index rose by slightly more than expected in the month of February. The Conference Board said its leading economic index increased by 0.3% in February after falling by a revised 0.5% in January. The National Association of Realtors released a report on Friday showing a sharp pullback in US existing home sales in the month of February. NAR said existing home sales plunged by 7.2% to an annual rate of 6.02 million in February after surging by 6.6% to a revised rate of 6.49 million in January. MCX Copper futures closed at Rs 816 per kg, up 0.73% on the day.

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