24 Mar 2022 , 08:50 AM
Copper spiked impressively, hitting around two week high of $4.78 per pound as supply worries boosted sentiments. Media reports stated that protests continue to disrupt copper mines with Southern Coppers Cuajone mine closed for three weeks and ongoing threats to disrupt Las Bambas and some BHP operations. Soaring Covid-19 cases are also likely to affect Chinese smelting activity. Copper broke above $4.70 per pound mark and raced up, adding around 1.50% on the day even as US equities turned lower. The DOW slipped sharply as sentiments remained stressed amid Russia-Ukraine war. Soaring crude oil prices yet again weighed on the mood.
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