Base Metals Preview: COMEX Copper Slips To Five Week Low

25 Apr 2022 , 12:23 AM

COMEX Copper futures slipped in last week, giving up from two week highs on worries about the fallout from Chinas lockdowns in major cities. Market also remained worries about demand in emerging economies. The IMF cut global growth estimates in a latest update that noted that monetary tightening by central banks of advanced economies may stoke inflation in emerging markets due to currency depreciation, necessitating further increases in policy rates. It added that monetary authorities should carefully monitor the pass-through of rising global prices to domestic inflation expectations to calibrate their responses. The red metal tanked to a five week low of $4.58 per pound. LME Copper inventories also witnessed a massive spurt, extending the upward movement and keeping a lid on the commodity. The inventories hit near highest mark in around five months.

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