Copper Maintains Losing Spree Amid Choppy Equities

16 Nov 2022 , 05:11 PM

COMEX Copper eased today as choppy action in equities capped gains in the red metal after it drove near four month high last week. Asian stock markets saw mixed moves. Chinese Shanghai Composite index fell 0.45% while the Hong Kongs Hang Seng index dipped 0.30%. European shares slipped amid lack of fresh economic cues. US stocks eased as selling continued to weigh the market on rallies. COMEX Copper futures are quoting at $3.78 per pound, down 0.80% on the day. Prices have dropped this week despite sustained losses in the US dollar. Weak Chinese Copper imports have ensured that the metal eases. Chinas imports of copper dropped in October on the year for the first time since May. Imports of unwrought copper and copper products by the worlds largest consumer of the metal were 404,414 tonnes in October, data from the General Administration of Customs showed. This marked a decline of 1.5% from imports of 410,541 tonnes in October last year.Powered by Commodity Insights