Base Metals Preview: LME Copper Inventories Near Two Month Low

9 Feb 2022 , 09:18 AM

Copper consolidated after hitting one week high of $4.50 per pound amid firm US equities. The US stocks moved mostly higher over the course of the trading day on Tuesday, more than offsetting the weakness seen on Monday. The major averages climbed firmly into positive territory after showing a lack of direction early in the session. The Dow jumped 371.65 points or 1.1% to 35,462.78, the Nasdaq spiked 178.79 points or 1.3% to 14,194.46 and the S&P 500 advanced 37.67 points or 0.8% to 4,521.54. LME Copper inventories fell under 80000 tonnes mark yesterday, approaching two month low mark and kept overall outlook supportive for the commodity. MCX Copper closed around Rs 755 per kg mark.

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