Copper Supported In Tight Action

7 Sep 2022 , 04:38 PM

COMEX Copper saw very tight action amid weak global equities as overall sentiments remained under stress on recessionary worries. Asian markets fell on weak growth fears. European shares turned lower in early moves. The US markets stayed slippery with major indices extending recent losing spree. The red metal is currently down 0.26% at $3.45 per pound. The metal tracked supportive Chinese Copper demand data. China imported 26% more copper in August than a year earlier, customs data on Wednesday showed. Unwrought copper and copper product imports into China – including anode, refined, alloy and semi-finished copper products – totalled 498,188.60 tonnes in August. That compared with the year-earlier volume of 394,017.10 tonnes, a two-year low. Powered by Commodity Insights