Base Metals Preview: Copper Sees Modest Recovery In Asia

16 Aug 2022 , 08:44 AM

Copper is seeing modest recovery in early Asia on Tuesday as dollar pauses rally and following a sharp decline of more than 2% in the previous session amid concerns of a slowdown in China. Copper futures dropped below $3.60 mark yesterday and are currently quoting up 0.89% at $ 3.63 per pound. Chinas central bank cut interest rates unexpectedly on Monday as official data revealed weaker-than-expected industrial production and retail sales growth amid falling property investment. Industrial production growth in China decelerated to 3.8 percent in July from 3.9 percent in June, while retail sales advanced 2.7 percent in July, slower than the 3.1 percent rise in June. Powered by Commodity Insights