Weekly Copper Review: Choppy Equities Weigh

19 Nov 2022 , 02:06 PM

Copper eased amid choppy equities. COMEX Copper futures fell near $3.60 per pound. These are the lowest levels in one week for the metal. The Copper traders also remain worried about the sustained uptick in Chinese Covid cases. China has been reporting 20000+ new COVID-19 infections this week, making traders worried about effective easing of the pandemic linked rules in near term. Chinas economic data was also weak. Industrial production in China was up 5.0 percent on year in October, the National Bureau of Statistics reported. The bureau also said that retail sales fell 0.5 percent on year, after rising 2.5 percent in the previous month. Fixed asset investment was up an annual 5.8 percent, after an increase of 5.9 percent previously. The jobless rate in China was 5.5 percent in October, unchanged from the September reading.Powered by Commodity Insights