Base Metals Preview: Copper Lingers Near Five- Week Low

2 Sep 2022 , 08:36 AM

Copper is down sharply, extending its losing streak for the sixth day in a row on Friday amid weakening demand signals from data across the globe. US commerce department released a report on Thursday showing U.S. construction spending fell by more than expected in the month of July. The report showed construction spending dropped 0.4 percent to an annual rate of $1.777 trillion in July after falling by 0.5 percent to a revised rate of $1.784 trillion in June. Meanwhile, ISM manufacturing activity in US remained at a two-year low in August at 52.8 while labor productivity tumbled by less than previously estimated in the second quarter. Meanwhile China COVID related lockdown worries adding to further pressure on the commodity. COMEX copper is currently down 0.10% at $3.40 per pound, lingering at its weakest level in nearly five-weeks. Powered by Commodity Insights