Base Metals Preview: Copper Manages To Hold Above $3.60 Mark

17 Aug 2022 , 09:13 AM

Copper failed to hold on to overnight gains as persistent worries of recession dented investor sentiments. The red metal gained in the previous session after China outlined plans to release more liquidity and increase infrastructure spending. The Peoples Bank of China unexpectedly cut interest rates this week, as it struggles to support growth in the face of COVID-19 lockdowns. Meanwhile, consistent fall in copper stocks also restricted sharp decline in the metal. COMEX Copper is quoting lower by 0.43% at $3.60 per pound. Powered by Commodity Insights