Copper Falls Well Under $3.30 Per Pound In Asia,

28 Sep 2022 , 12:27 PM

COMEX Copper continued to stay slippery in Asia today, testing fresh two and half month lows as the counter broke under $3.30 per pound mark. Asian equities mostly remained under stress following sustained losses for the US equities which have entered into bear market territory. The commodity is also tracking a very firm undertone in the US dollar index which hit a fresh high above 114 level. COMEX Copper currently trades at $3.26 per pound, down 0.76% on the day. MCX Copper futures for October expiry are down 0.32% at Rs 624.65 per kg, giving up less ground compared to their global peers as the Indian Rupee slumped further. INR tested almost 82 per US dollar mark today. Concerns over economic growth in China, the leading Copper consumer, are keeping the overall sentiments under check despite heavy losses in last few weeks. The World Bank yesterday forecast GDP growth in China coming in at a very tepid 2.8% for 2022. Powered by Commodity Insights