Copper Corrects, Global Covid Cases Spike 55% Last Week

13 Jan 2022 , 01:51 PM

COMEX Copper futures slipped today after witnessing a heavy rally in last session. The metal extended a recent bounce above $4.50 per pound mark as firm equities and weakness in the US dollar boosted the metal. The counter jumped 3% to $4.56 per pound, hitting its two and half month high mark. However, traders booked profits on continued uncertainty due to the Covid-19 scenario globally. The US is recording more than one million cases over last few days. The number of new global coronavirus infections in the last week jumped by about 55%, the World Health Organization (WHO) said in its latest pandemic report. In the weekly report issued Tuesday, the UN health agency said there were about 15 million new Covid-19 cases last week and more than 43,000 deaths. This is likely to cap gains for Copper after recent surge. The red metal is currently trading down 0.73% at $4.54 per pound. MCX Copper futures are also down 0.28% at Rs 754 per kg after adding more than 2% in last session.

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