Base Metals Preview: COMEX Copper Lingers Around Six Week Low

1 Feb 2022 , 09:33 AM

COMEX Copper futures are lingering around six week low near $4.30 per pound. The US stocks started the week in a volatile manner as traders assessed the latest drop in the Covid-19 infections as well as elevated energy prices. Economic cues are mixed. Chicago-area business activity rose at a faster rate in the month of January, according to a report released by MNI Indicators on Monday. MNI Indicators said its Chicago business barometer rose to 65.2 in January from an upwardly revised 64.3 in December, with a reading above 50 indicating growth. However, Euro area gross domestic product grew 0.3% sequentially, slower than the 2.3% expansion seen in the third quarter, preliminary flash estimate from Eurostat showed on Monday. On a yearly basis, economic growth accelerated to 4.6% from 3.9% in the preceding quarter. Japan industrial production gained 2.7% on year in December, the Ministry of Economy, Trade and Industry said on Monday, down from 5.1% in November. On a seasonally adjusted monthly basis, industrial production sank 1% following the 7% spike in the previous month. Upon the release of the data, the METI maintained its assessment of industrial production, saying that it is showing signs of an upward movement. Australia private sector credit was up 0.8% on month in December, the Reserve Bank of Australia said on Monday, easing from 0.9% in November. On a yearly basis, credit was up 7.2%, accelerating from 6.6% in the previous month.

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