Base Metals Preview: COMEX Copper Stays Slippery

7 Jan 2022 , 09:17 AM

COMEX Copper tested a two and half week low near $4.30 per pound as US equities turned lower. Economic cues also weighed. After reporting US service sector growth at a record high in the previous month, the Institute for Supply Management released a report on Thursday showing a slide in the pace of growth in the sector in the month of December. The ISM said its services PMI slid to 62.0 in December from 69.1 in November. The pullback by the headline index came as the new orders index tumbled to 61.5 in December from 69.7 in November and the business activity index tanked to 67.6 from 74.6 in the previous month. COMEX Copper came off these levels in Asia though as markets eyed a slide dose of weakness in the US dollar index ahead of the nonfarm payrolls data. MCX Copper ended at Rs 735.65 per kg, down 1% on the day.

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