Rising LME Inventories Put Lid On Copper

5 Jul 2022 , 12:27 PM

Copper languished near a multi month low as the market eyed a sustained increase in LME Copper inventories. The metal stayed under check even as the equities edged up in Asia and commodities like Crude oil and Gold also moved up. COMEX Copper futures currently trade at $3.53 per pound, down 0.80% on the day. LME Copper stockpiles rose 10100 tonnes to a one-month high of 136950 tonnes. Copper traders also eyed a fresh surge in Chinese Covid cases. A county in Chinas eastern Anhui province is carrying out daily nucleic acid tests on 763,000 locked-down residents, media reports noted. MCX Copper futures are trading at Rs 671.50 per kg, down half a percent on the day.Powered by Commodity Insights