Base Metals Preview: COMEX Copper Supported On Firm Equities

16 Feb 2022 , 09:02 AM

COMEX Copper futures stayed supported amid firm cues from the US and European equities. Stocks showed a strong move to the upside during trading on Tuesday, regaining ground following the sell-off seen over the three previous sessions. The Dow jumped 1.2% on the day. COMEX Copper broke above $4.50 per pound and currently trades up marginally at $4.53 per pound. MCX Copper closed flat at Rs 770 per kg. Meanwhile, on the economic front, after reporting a slight decrease in regional manufacturing activity in the previous month, the Federal Reserve Bank of New York released a report on Tuesday showing a modest increase in activity in the month of February. The New York Fed said its general business conditions index rose to a positive 3.1 in February from a negative 0.7 in January.

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