COMEX Copper Hits One-Month High

2 Jun 2022 , 03:42 PM

Copper rose to a one-month high following a sharp slump in May as China lifted its two-month long Covid led lockdown that is expected to boost demand. COMEX copper futures regained $4.45 levels for the first time since end April although strength in dollar is likely to weigh on the metal. The US dollar index is seen consolidating near 102 levels, tracking higher US treasury yields. US 10-year treasury yields have been rising as the U.S. Federal Reserve has raised interest rates quickly in an attempt to bring soaring inflation under control. The US 10-year yield lifted 2.95% after a report released by the Institute for Supply Management on Wednesday showed U.S. manufacturing activity unexpectedly expanded at a slightly faster rate in the month of May fanning fears of aggressive rate hike. The ISM said its manufacturing PMI inched up to 56.1 in May from 55.4 in April, with a reading above 50 indicating growth in the sector. The dollar index, which measures the greenback against a basket of currencies is seen at 102.43. Powered by Commodity Insights