Copper Rebounds, US Covid-19 Cases Declining

31 Jan 2022 , 04:00 PM

Copper stabilized today after a heavy fall in the last session as rising equities and a fall in the US Covid-19 cases supported sentiments, Copper tanked on Friday as US dollar index spiked to a fresh 18 month high above 97 mark. COMEX Copper futures saw accelerated losses after breaking under $4.40 per pound mark and fell to a five week low near $4.30 per pound mark. Heavy selling pressure in major mining stocks and profit booking ahead of Chinas New Year public holiday next week played a part in accelerating the slide in Copper. However, bargain buying emerged in the commodity today. The Covid-19 cases and hospitalizations are starting to decline across the United States, according to the latest update from the CDC. COMEX Copper edged up by 0.70% and trades at $4.34 per pound. MCX Copper futures are also up 0.16% to trade at Rs 738.70 per kg.

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