Copper Hits Three Week High, Powell Does Not Think US Is In Recession

28 Jul 2022 , 12:58 PM

COMEX Copper futures soared today, rising in tune with equities as a slightly dovish tilt in the latest US Fed statement and recent decline in the LME Copper inventories supported the counter. The red metal broke above $3.50 per pound and pound and currently trades at $3.51 per pound, up 2.49% on the day, hitting three week high. Asian stock markets are following the broadly positive cues from global markets overnight, as traders reacted to the US Feds widely anticipated interest rate hike and Fed Chair Jerome Powells comments that he does not think the US is currently in a recession and added that the central bank will likely slow rate increases at some point. The MCX Copper futures are trading at Rs 648.60 per kg, up 1.45% per kg after hitting exactly Rs 650 per kg. Powered by Commodity Insights