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Base Metals Preview: COMEX Copper Bounces From Two Week Low
(02-Dec-2021, 08:54 Hours IST)
COMEX Copper futures fell to a two week low of $4.20 per pound amid sustained selling pressure in equities and weakness in economic data. China manufacturing sector slipped into contraction territory in November, the latest survey from Caixin revealed on Wednesday with a manufacturing PMI score of 49.9. That's down from 50.6 in October and it falls beneath the boom-or-bust line of 50 that separates expansion from contraction. Euro area manufacturing sector growth was tepid in November, following a four-month slowdown from June's record expansion, final survey results from IHS Markit showed on Wednesday. The factory Purchasing Managers' Index rose slightly to 58.4 in November from 58.3 in the previous month. The flash reading was 58.6. A reading above 50.0 indicates expansion. Germany's business sentiment weakened in November as the fourth wave of pandemic caused expectations to fall especially in the service sector, survey results from the ifo Institute showed on Wednesday. The business confidence index fell to 96.5 in November from 97.7 in October. US equities also fell from intraday highs and kept a lid on Copper. However, very tight inventories on LME provided some buying support to the metal and the COMEX Copper futures are currently trading up 1% at $4.27 per pound. MCX Copper futures closed at Rs 719.30 per kg, down 0.83% on the day.

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