Base Metals Preview: COMEX Copper Supported In Asia

15 Sep 2022 , 08:38 AM

COMEX Copper rose in Asia as equities stayed mostly supportive and the latest dip from two week high triggered bargain buying. Asian equities are higher on steady overnight cues. Following the substantial pullback seen in the previous session, the US stocks saw choppy moves over the course of the trading day on Wednesday. The major averages spent the day swinging back and forth across the unchanged line but moved to the upside going into the close. Copper is also benefiting from lower LME inventories and currently trades at $3.54 per pound, up 0.70% on the day. This should support MCX Copper after it tanked in intraday moves yesterday and closed down 0.61% at Rs 648.90 per kg.Powered by Commodity Insights