Copper Finds Support, Equities Edge Up In Europe

25 Jan 2022 , 05:24 PM

COMEX Copper futures stabilized after recent correction dragged it near a one and half week low near $4.40 per pound. LME Copper inventories pulled back from a two and half month high yesterday. The metal currently trades flat at $4.41 per pound. MCX Copper is trading at Rs 747.80 per kg, up marginally on the day. There has been a rebound in global risk sentiments too. European stocks moved on bargain buying after a deep selloff in last session. The recovery in European markets will likely cap losses in Copper and other industrial commodities. In a comforting news for the red metal, one of Chinas longest coronavirus lockdowns since the start of the pandemic came to an end on Monday as authorities announced the lifting of most restrictions in the northern city of Xian.

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