Base Metals Preview: COMEX Copper Slumps 4.7% On Friday

14 Feb 2022 , 12:20 AM

COMEX Copper futures initially spiked in the week gone by as supply concerns took the metal higher. Mining company MMG Ltd, owner of the Las Bambas copper mine in Peru, has warned that it may have to halt operations at the mine by February 20 if a recent road blockade is not lifted, media reports noted. Copper also benefitted from two month low LME inventories and spiked to three and half month highs above $4.60 per pound. Prices tanked from these levels though as US equities slumped and the red metal fell 4.7% in a single session on 11th February 2022. MCX Copper slumped on Friday, giving up 2% to close under Rs 770 per kg.

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