Base Metals Preview: COMEX Copper Supported As DOW Hits Another Fresh High

5 Jan 2022 , 09:10 AM

Copper stayed well supported yesterday on firm equities. The Dow hit new record closing high and kept the red metal above $4.40 per pound. The counter is yet again witnessing some selling pressure around five week high of $4.45 per pound. MCX Copper futures closed at Rs 751 per kg, up 0.83% on the day. Meanwhile, the US manufacturing PMI slid to 58.7 in December from 61.1 in November, according to a report released by the Institute for Supply Management on Tuesday. With the bigger than expected decrease, the manufacturing PMI fell to its lowest level since a matching reading last January. The bigger than expected decrease by the headline index was partly due to a slowdown in the pace of growth in production, with the production index dropping to 59.2 in December from 61.5 in November.

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