Base Metals Preview: COMEX Copper Holds Above $4.70 Per Pound

14 Apr 2022 , 03:29 PM

Copper is holding above $4.70 per pound. Rising global equities are keeping the red metal supported. The Dow Jones Industrial Average rose 344.23 points, or 1.01%, to 34,564.59. The S&P 500 gained 1.12% to 4,446.59, and the Nasdaq Composite rallied 2.03% to 13,643.59. Stocks finished near session highs after Federal Reserve Governor Christopher Waller said March levels of inflation in consumer prices might be pretty much the peak, but that planned rate hikes will continue, as per media reports. While the risk sentiment is positive for the red metal, a consistent increase in LME Copper inventories, which have gone up to around four month highs, could cap upside. MCX Copper futures closed flat at Rs 819.65 per kg after hitting above Rs 826 per kg in intraday moves.

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