Base Metals Preview: COMEX Copper Rallies Around 1%

10 Jan 2022 , 01:01 AM

COMEX Copper stayed largely supported on falling inventories in Shanghai and continued bargain buying after the red metal tested a two week low on Thursday. The counter ended up 1% at $4.40 per pound. MCX Copper futures closed at Rs 740.90 per kg, up 0.67% on the day. Firm Indian Rupee capped gains. The Indian Rupee edged up a bit on Friday. INR closed at 74.34 per US dollar today, adding 8 paise on the day. Meanwhile, hile, the worlds largest copper producer, saw the value of its exports of the metal soar 21.9% in December and 40.6% in 2021, the central bank said on Friday, boosted by strong prices. The value of its copper shipments hit $4.91-billion last month and $53.42-billion in 2021 as a whole.

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