Copper Set For Weekly Gain, Easing COVID Curbs In China Support

9 Dec 2022 , 05:23 PM

Copper extends gains near three and half week highs on Friday and is set for a weekly gain of nearly 1% as copper stocks are seen falling steadily. Easing Covid restrictions in China also supported the red metal by raising hopes of improved demand. Meanwhile, copper also tracked equities higher. Asian stocks ended broadly higher on Friday as investors braced for key U.S. inflation data due later in the day and next weeks FOMC rate decision. European stocks were little changed on Friday after falling for five consecutive sessions on worries about higher interest rates and the outlook for global growth. COMEX copper is currently trading at $3.88 per pound, up 0.13% on the day. Powered by Commodity Insights