Copper Consolidates, Global Manufacturing Contraction In Focus

5 Dec 2022 , 01:15 PM

Copper is consolidating after the recent surge as worries over global manufacturing growth are capping the advances. COMEX Copper futures edged up in last few days on steady equities and weak US dollar, hitting a two week high. The recent slide in LME Copper inventories is also benefiting the red metal. However, the undertone is cautious as global business conditions worsened once again in the manufacturing sector in November, with the JPMorgan Global Manufacturing Purchasing Managers Index, compiled by S&P Global, falling further into contraction territory. The surveys sub-indices showed export orders falling steeply, down for a ninth successive month, with the rate of decline continuing to run at one of the fastest recorded since the global financial crisis, despite signs of fewer shipping delays and logistics constraints. The red metal currently quotes at $3.86 per pound, up 0.40% on the day. The metal has jumped around 9% over last one week. Powered by Commodity Insights