Base Metals Preview: COMEX Copper Stays Pressured Near $4.31 Per Pound

4 May 2022 , 10:03 AM

Copper prices continue to stay weak at $4.31 per pound, near its lowest levels in three months amid COVID-19 outbreaks in China and rising rates stoked demand fears. US stocks closed slightly higher on Tuesday after a choppy session with investors largely staying cautious and refraining from making significant moves ahead of the Federal Reserves monetary policy announcement. The major averages all ended modestly higher despite staying quite sluggish for much of the days session. Meanwhile, the U.S. Federal Reserve is expected to raise interest rates Wednesday for the second time since 2018, boosting the fed funds target rate by a half-percentage point. All eyes are fixed on the accompanying statement about how aggressively the central bank plans to tighten monetary policy.

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