Copper Extends Correction As Chinas Covid Spurt Stays In Focus

28 Mar 2022 , 12:31 PM

COMEX Copper futures slipped in Asia as equities saw a subdued activity amid continued worries on the Ukraine front while soaring Covid-19 cases in China also acted as a dampener. As fresh Covid-19 cases hit a record high in Chinas financial hub of Shanghai, the city has decided to start a phased lockdown, according to media reports. On Friday, the fresh coronavirus infections in the city had jumped more than 60% in a single day, hitting 1,600 mark. This weighed heavily on COMEX Copper as the metal eased further from two week top. The counter currently trades at $4.65 per pound, down around 1% on the day. Losses were somewhat curtailed by supportive Chinese economic data. China industrial profits rose 5% in the January-February period from a year earlier, the National Bureau of Statistics said Sunday. That compares with a 4.2% increase in the single-month data for December.

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