Base Metals Preview: COMEX Copper Recaptures $3.2 Levels

18 Jul 2022 , 09:14 AM

Copper rebounded on Monday, after touching fresh 20-month lows under $3.20 mark on Friday. The commodity is up 1.52% at $3.29 per pound amid improved economic data. Preliminary data released by the University of Michigan showed a modest improvement in U.S. consumer sentiment in the month of July. The report showed the consumer sentiment index inched up to 51.1 in July from a record low 50.0 in June. Business inventories too shot up by 1.4 percent in May after surging by an upwardly revised 1.3 percent in April. Retail sales in the U.S. jumped by more than expected in the month of June. The Commerce Department said retail sales shot up by 1.0 percent in June after edging down by a revised 0.1 percent in May. Powered by Commodity Insights