Weekly Copper Review: COMEX Futures Off Six Week High

4 Jun 2022 , 01:01 PM

Copper futures soared to six week high of $4.57 per pound, lifted by prospects of higher demand after top consumer China ended its two-month long lockdown. A sustained drop in the LME Copper inventories, which fell near one month low also boosted the red metal. However, rising US Covid-19 cases are likely to keep a check on sentiments. As June begins, COVID-19 cases in the U.S. are about five times higher than they were at this time last year, according to CDC data. The US is now reporting an average of more than 100,000 new cases each day. Last year, the case count remained under 20,000 for all of June.Powered by Commodity Insights