Base Metals Preview: Copper Soars On Falling Covid Cases

11 Feb 2022 , 09:10 AM

COMEX Copper futures shot up to a fresh three and half month high of $4.70 per pound on continued hopes of an uptick in demand. The red metal eyed a drop in Covid-19 cases. The World Health Organisation says coronavirus case counts fell 17%t worldwide over the last week compared to the previous week, including a 50% drop in the United States, while deaths globally declined 7%. WHO said that many of the countries which reported an early rise in the number of cases due to the omicron variant have now reported a decline in the total number of new cases since the beginning of January. A deep slide in the US equities pulled down the red metal from these levels though and the counter currently trades at $4.60 per pound, down 0.20% on the day. MCX Copper closed at Rs 784.55 per kg, up 1.59% on the day. Local futures also eyed a tumble in Indian Rupee which fell to six week low beyond 75 per US dollar.

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