Base Metals Preview: Copper Sees Good Recovery Above $3.36 Levels

20 Jul 2022 , 09:00 AM

Copper rebounds in early Asia on Wednesday, despite more restrictive measures in China as the country reports more than 1000 new coronavirus cases for the first time since May 20. As China maintains a strict zero-Covid policy despite its mounting economic costs, rise in cases would call for lockdown. However, recovery in global stocks and easing concerns that Fed would go with an oversized rate hike is helping to believe that the worst may be over. Stocks in the US moved sharply higher during trading on Tuesday, as major averages jumped early in the session and saw further upside as the day progressed. COMEX copper is currently quoting up more than 2% at $3.36 per pound. Powered by Commodity Insights