MCX Copper In Red On Firm Rupee Even As Global Prices Spurt

4 Apr 2022 , 05:34 PM

COMEX Copper futures zoomed up today amid supportive equities despite weak cues on the global manufacturing front. The rate of expansion in global manufacturing production slipped to its lowest during the current 21-month sequence of increase. Output and demand growth were hampered by multiple headwinds, including ongoing COVID disruptions, stretched global supply chains, rising inflationary pressures and elevated geopolitical tensions. The J.P.Morgan Global Manufacturing PMI a composite index produced by J.P.Morgan and S&P Global in association with ISM and IFPSM – slipped to an 18-month low of 53.0 in March, down from 53.7 in February. Although signalling an improvement in operating performance for the twenty-first consecutive month, the rate of growth was the weakest since September 2020. This apparently did not have much of an impact on Copper today as the red metal had already priced it in when the release came on in last session. Copper had lost around 1% on Friday. The counter rather tracked positive vibes from global equities and currently trades at $4.72 per pound, up 0.70% on the day. MCX Copper futures are trading in red though as a firm Indian Rupee capped upside. The counter currently trades at $815.65 per kg, down marginally on the day.

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