Base Metals Preview: Copper Holds On To $3.6 Mark

19 Aug 2022 , 08:36 AM

COMEX copper prices are holding near $3.6 levels on Friday following a decent rebound of more than 1.5% in the previous session. Recovery in the metal stalled after pessimistic data from US fuelled growth concerns. US leading economic index fell by 0.4 percent in July following a revised 0.7 percent decrease in June while existing home sales in the U.S. showed another significant decrease in the month of July, according to a report released by the National Association of Realtors on Thursday. NAR said existing home sales plunged by 5.9 percent to an annual rate of 4.81 million in July after tumbling by 5.5 percent to a revised rate of 5.11 million in June. Copper prices are currently up marginally at $3.65 per pound. Powered by Commodity Insights