COMEX Copper Spikes Near Two Week High

26 Jul 2022 , 12:27 PM

COMEX Copper futures spiked near a two week high as traders pinned hopes on Chinese housing market recovery. Supportive cues from Asian equities and a continued spell of weakness in the US dollar index also pushed up the red metal above $3.40 per pound. The counter currently trades up 2.38% at $3.43 per pound. A report from the China Index Academy said that 85 property developers saw their first-half sales revenue surpass 10 billion yuan, 47 less than that of last year, and the number of developers with half-year sales above 100 billion yuan was merely nine, compared to 19 a year ago. Average sales revenue of the top 100 developers shrank 48.6 percent to 35.64 billion yuan in the first half, the China Index Academy report added. The June figures augur well for an encouraging second half. Sales revenue of the nations biggest property developers soared 61.2 percent to 732.97 billion yuan in June.Powered by Commodity Insights