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Weekly Copper Review: Sustained Buying Pushes Futures Above $5 Mark
18-May-2024 12:18
Copper futures flared up further this week, rising amid sustained buying support and pushing up near record high. COMEX Copper futures broke above $5 per pound mark convincingly as the US equities soared to record high and the US dollar index stayed slippery. Global economic outlook remains optimistic and Copper demand is upbeat amid sustained focus on electric vehicles manufacturing, renewable energy, and artificial intelligence revolution. The global economic outlook has improved since January, with major economies avoiding a severe downturn, United Nations (UN) noted in its World Economic Situation and Prospects as of mid-2024. The world economy is now projected to grow by 2.7 per cent in 2024, instead of 2.4 per cent forecasted earlier, on the back of better-than-expected performance of the United States economy and some improvement in the outlook for several large emerging economies.

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