Base Metals Preview: Copper Holds On To $3.30 Mark

25 Jul 2022 , 09:01 AM

Sustained weakness in US dollar index tracking sharp slide in US treasury yields below 3% mark is keeping copper prices supported near $3.30 levels. Meanwhile, China considering a further reduction in its quarantine requirements to lessen the economic impact of strict Covid-19 controls is further aiding the red metal. Nevertheless, a slight uptick in copper stockpiles on Friday following a sharp slide is likely to limit upside for copper prices. Besides, concerns over US economic outlook after the release of more downbeat economic data also weighed on investor sentiment. Copper September futures are up 0.22% at $3.33 per pound. Powered by Commodity Insights