Base Metals Preview: COMEX Copper Hold Around One Week High

7 Feb 2022 , 12:38 AM

Copper futures held near a one week high of $4.50 per pound amid positive equities. The US stocks edged higher on Friday amid good buying in tech counters. MCX Copper futures closed up 0.33% at Rs 756.45 per kg. The employment in the US increased by much more than expected in the month of January, according to a closely watched report released by the Labor Department on Friday. US economic cues were strong. The Labor Department said employment jumped by 467,000 jobs in January compared to economist estimates for an increase of 150,000 jobs. The report also showed the increase in employment in December was upwardly revised to 510,000 jobs compared to the previously reported 199,000 jobs. Labor Department said the unemployment rate inched up to 4% in January from 3.9% in December.

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