Base Metals Preview: Falling Global Covid Cases Cap Downside In Copper

18 Feb 2022 , 09:10 AM

COMEX Copper saw a solid downside move in last session following a deep correction in the US equities but falling global Covid-19 cases and very tight exchange inventories capped losses. The metal edged up from lows of $4.46 per pound and currently trades up 0.82% at $4.53 per pound. The number of new coronavirus cases globally fell by 19% in the last week while the number of deaths remained stable, according to the World Health Organization (WHO). The UN health agency said late in a latest weekly report on the pandemic that just over 16 million new Covid-19 infections and about 75,000 deaths were reported worldwide last week. MCX Copper closed at Rs 766.80 per kg, down 0.33% on the day after failing to break above Rs 770 per kg.

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