Base Metals Preview: COMEX Copper Under Check As US Economy Contracts In March Quarter

29 Apr 2022 , 08:52 AM

COMEX Copper futures lingered around a three month low of $4.40 per pound as the US economic activity contracted in the first quarter of 2022, according to a report released by the Commerce Department on Thursday. The report said real gross domestic product declined by 1.4 percent in the first quarter after spiking by 6.9 percent in the fourth quarter of 2021. A rising trend in LME Copper inventories, which soared near a six month high also weighed on the red metal. MCX Copper futures ended down 0.44% at Rs 787.75 per kg.

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