Base Metals Preview: COMEX Copper Tracks Chinese Covid-19 Surge

24 Jan 2022 , 12:17 AM

Copper stayed under check on Friday as recent gains failed to hold on amid sustained losses for US equities. The US stocks tanked yet again on Friday with major losses extending recent selling spree. DOW fell 1.30%. The COMEX Copper futures closed at $4.52 per pound, down 1.35% on the day. MCX Copper futures closed at Rs 752 per kg, down 1.20% on the day on bearish global cues. China is witnessing a rise in COVID-19 cases in its major cities including Beijing. After reporting the first case of the Omicron variant of COVID-19, the strict new COVID-19 restrictions come into force in the city. This comes ahead of Winter Olympics next month. The capital city Beijing will now require travellers to get a COVID-19 test within 72 hours of arrival effective from Saturday, according to media reports.

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