Base Metals Preview: COMEX Copper Slippery In Volatile Trades, Global Growth Worries Weigh

27 Jan 2022 , 09:08 AM

Copper continued to see selling pressure amid volatile trading as the US stocks turned lower after a hawkish Fed statement. Global economic growth worries also weighed on the red metal. The global economy is entering 2022 in a weaker position than previously expected, the International Monetary Fund (IMF) warned on Tuesday, as it downgraded its global growth outlook largely due to clouds gathering over the recoveries in the United States and China. The IMFs latest World Economic Outlook calls for the global growth to downshift from 5.9% in 2021 to 4.4% this year. The 2022 forecast is half a percentage point lower than the Funds October outlook and largely reflects forecast markdowns for the worlds two largest economies. COMEX Copper futures currently trade at $4.44 per pound, down 0.39% on the day. MCX Copper futures closed at Rs 752.35 per kg in last session, up 0.62% on the day and should see a slack opening today.

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