COMEX Copper Sees Modest Gains As Chinese Industrial Production Recovers

15 Jun 2022 , 05:09 PM

COMEX Copper stayed well supported on a modest recovery in Chinese industrial production. China industrial production saw a mild recovery in May. According to the National Bureau of Statistics, industrial production rose 0.7% on a yearly basis in May, reversing the 2.9% fall in April. This kept Copper on a slightly elevated path though the overall mood remained cautious ahead of the US Fed meeting later on today. The red metal currently quotes at $4.17 per pound, up 0.41% on the day. MCX Copper futures moved up further as a weak Indian Rupee boosted the counter. MCX Copper is currently trading at Rs 756.30 per kg, up 0.87% on the day. Meanwhile, the Asian stocks saw mixed moves after witnessing heavy selling in last session. Some gains were seen in Chinese stocks. The European equities moved up with major indices rising around 1% in early moves. The US stocks continued to stay under stress in last session. Powered by Commodity Insights