Copper Tumbles Amid Heavy Volatility

11 Feb 2022 , 02:46 PM

Copper slumped today as market eyed a surge in the US dollar index and weak equities. The COMEX Copper futures hit a fresh three and half month high of $4.70 per pound in last session on continued hopes of an uptick in demand and a drop in global Covid-19 cases. However, this was countered by an extreme correction today as the metal lost around 3% amid weakness in Asian equities. The COMEX Copper futures currently trade at $4.54 per pound, down 2.44% on the day. MCX Copper futures trade at Rs 770.60 per kg, down 1.88% on the day. Meanwhile, in a critical industry development, Lundin Mining announced the discovery of a new copper-gold mineralized system called Sa?va, located approximately 15 kilometers north of the Chapada mine, in the State of Goias, Brazil. Copper market will likely see a choppy movement after this frantic drop. The deep slide in todays session following latest spike in prices shows heavy uncertainty in the market particularly as traders wait for Chinese Copper import data.

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