Base Metals Preview: COMEX Copper Hits Two Week High

19 Apr 2022 , 09:07 AM

Copper stayed largely supported on Chinese economic cues. COMEX Copper hit around two week high of $4.84 per pound before mixed US equities pulled it down a little. Chinas economy grew at 4.8 per cent in the first quarter, falling below the 5.5 per cent target set for this year by the ruling Communist Party, amidst a surge in COVID-19 cases, which prompted top business hubs like Shanghai to enforce prolonged lockdowns. The countrys gross domestic product grew 4.8 per cent year on year during January to March, picking up pace from a 4-per cent increase in the fourth quarter last year, data from the National Bureau of Statistics (NBS) showed on Monday. The red metal is holding around $4.80 per pound right now and could see a moderation following recent spurt now.

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