Base Metals Preview: Copper Seen Holding Near $3.30 Levels

22 Jul 2022 , 09:03 AM

Copper prices are seen holding near $3.30 levels since the beginning of the week as recession fears are capping any gains in the commodity. Copper September futures are slightly higher by 0.26% at $3.31 per pound, supported by fall in copper stockpiles. Data from the US Labor Department showed initial jobless claims crept up to 251,000 in the week ended July 16th, an increase of 7,000 from the previous weeks unrevised level of 244,000. The Philly Fed said its current general activity index slumped to a negative 12.3 in July from a negative 3.3 in June, with a negative reading indicating a contraction in regional manufacturing activity. The Conference Board also released a report showing its index of leading economic indicators decreased for the fourth straight month in June. Powered by Commodity Insights