Base Metals Preview: Copper Snaps Five Day Winning Streak

29 Jul 2022 , 09:15 AM

Copper is seen snapping a five day winning streak in early Asia on Friday despite weakness in dollar and continued fall in copper inventories that kept the commodity supported all through the week. The commodity weakened on reports that Chinas top leaders signaled Thursday that no big stimulus for economic growth was on the way, and downplayed the necessity of achieving the ?around 5.5%? GDP target. COMEX copper is currently quoting lower by 0.84% at $3.46 per pound. Meanwhile, US economy contracted again in the second quarter amid aggressive monetary policy tightening from the Federal Reserve to combat high inflation, which could fan financial market fears that the economy was already in recession. Gross domestic product fell at a 0.9% annualized rate last quarter, the commerce department said in its advance estimate of GDP on Thursday. Powered by Commodity Insights