Weak Equities Weigh On Copper

22 Aug 2022 , 04:44 PM

COMEX Copper dropped today as global equity indices turned lower. European shares tanked with heavy losses in German market. The US stocks continued to drop on tepid economic outlook. COMEX Copper currently trades down 1% at $3.62 per pound, easing from one week high. MCX Copper futures are down 0.73% at Rs 668.90 per kg. Losses were somewhat capped for the metal as China continued to cut borrowing costs. Chinas Peoples Bank of China (PBoC) lowered the one-year loan prime rate (LPR) by 5bps to 3.65% today. The five-year LPR rate, which is used to price mortgages, was slashed by 15bps to 4.30%. The larger cut is the 5-year rate was seen as for addressing the problems in the housing markets. Powered by Commodity Insights