Base Metals Preview: Copper Hits Six-Week High

11 Aug 2022 , 08:38 AM

Copper prices are seen hovering near six week high attained in the previous session tracking decline in US dollar that plunged to its lowest level in more than a month. The US treasury yields and dollar index fell sharply after US inflation grew at a slower pace than expected in July, according to the latest government figures, easing pressure on the Federal Reserve to go aggressive on interest rate hike that could benefit industrial metal prices. COMEX copper futures are currently quoting up marginally at $3.64 per pound after gaining more than 2% in the previous session. Powered by Commodity Insights