Copper Turns Lower In Asia After Approaching Near $4 Mark

14 Nov 2022 , 11:42 AM

Copper corrected in Asia today as equities mostly turned in a mixed performance and traders booked some profits in the red metal after it hit nearly four month high. Sentiments also turned in cautious for COMEX Copper after it hit near the critical $4 per pound mark. The commodity currently trades at $3.86 per pound, down 1.35% on the day. The traders are also contemplating about Chinese Copper demand given the latest trend in imports. Chinas imports of copper dropped in October on the year for the first time since May. Imports of unwrought copper and copper products by the worlds largest consumer of the metal were 404,414 tonnes in October, data from the General Administration of Customs showed. This marked a decline of 1.5% from imports of 410,541 tonnes in October last year. While the Chinese Copper stocks are falling in recent weeks, the moderating trend in imports is acting as a deterrent for the prices now as the metal has run up nearly 15% in last two weeks. Powered by Commodity Insights