Base Metals Preview: LME Copper Inventories Fall To One Year Low

15 Feb 2022 , 08:58 AM

COMEX Copper futures saw a choppy movement in last session as selling pressure in equities capped the overall movement. The US stocks closed in negative territory on Monday. The Dow fell 0.5% and the S&P 500 dropped 0.4%. European markets crashed with major indices in Germany and France giving up around 2%. The continued weakness for global stocks came as investors kept a close eye on developments regarding the tensions between Ukraine and Russia. However, the LME Copper inventories fell to a one year low of 72000 tonnes, capping the downside in the metal. COMEX Copper currently trades $4.49 per pound, up marginally on the day. MCX Copper futures ended at Rs 769.35 per kg, up marginally on the day.

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