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Commodity News Details
Weekly Copper Review: China Worries And Rising Inventories Weigh On Sentiments
29-Jun-2024 12:48
COMEX copper saw a good rebound after testing its lowest level in over two-months as firm equities boosted the metal. Persistent demand concerns, rising LME inventories and weak cues from China have been bettering the red metal. Prices fell near $4.30 per pound yesterday but the metal edged up thereafter and COMEX Copper approached near $4.40 per pound mark. Copper is also keeping an eye on the developments in the US housing market which is reeling under stress as mortgage rates remained elevated. The new home sales in the US fell 11.3% in May from the prior month, to 619,000. That was the steepest monthly decline since September 2022 and marks the lowest level since November. MCX Copper futures tracked the global cues and dipped near Rs 830 per kg mark before edging up though the counter eased around 1% on weekly basis.

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