Base Metals Preview: Copper Stays Supported Near $3.85 Mark

15 Nov 2022 , 09:05 AM

Copper continued to hover near five month highs on Tuesday although further gains in the commodity were restricted amid dollar strength overseas following statements from Fed that the banks hiking cycle was far from over, and that stubbornly high inflation warranted much more tightening. Rising interest rates weighed heavily on metals this year. Meanwhile, rising COVID-19 cases in major importer China pointed to more potential demand disruption. However, falling copper inventories kept the red metal supported. COMEX copper was up almost half a percent at $3.85 per pound. Powered by Commodity Insights