Weekly Copper Review: COMEX Futures Hit Two Week High

3 Dec 2022 , 02:23 PM

COMEX Copper futures stayed well supported on steady equities. COMEX Copper futures rose near a two week high of $3.85 per pound. The recent slide in LME Copper inventories is also benefiting the red metal. However, the undertone is cautious as global business conditions worsened once again in the manufacturing sector in November, with the JPMorgan Global Manufacturing Purchasing Managers Index, compiled by S&P Global, falling further into contraction territory. The surveys sub-indices showed export orders falling steeply, down for a ninth successive month, with the rate of decline continuing to run at one of the fastest recorded since the global financial crisis, despite signs of fewer shipping delays and logistics constraints.Powered by Commodity Insights