Copper Slips More Than 1%, Markets Wait For Chinas GDP

18 Oct 2022 , 05:03 PM

COMEX Copper failed to see any buying support and slipped under $3.40 per pound mark amid worries over Chinese Covid-19 cases. China also delayed the release of economic indicators scheduled for publication this week, including its third-quarter gross domestic product data due on Tuesday, according to an updated calendar on the statistics bureau’s website. The delay comes amid the ongoing congress of the ruling Communist Party, a twice-a-decade event. The red metal did not see much support despite firm equities and currently quotes at $3.37 per pound, down 1.24% on the day. MCX Copper futures are trading at Rs 642.90 per kg, down 0.84% on the day. Asian stocks edged up Tuesday after Wall Streets rally overnight. European shares spiked. Britains new finance Minister Jeremy Hunt scrapped Prime Minister Liz Trusss proposed tax cuts and reined in her energy subsidies. Wall Street jumped to robust gains on Monday as solid earnings and a financial policy reversal in Britain fueled risk appetite.Powered by Commodity Insights