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Base Metals Preview: Copper Supported As US Stocks Spike
(03-Dec-2021, 09:01 Hours IST)
COMEX Copper futures stayed supported in last session as the DOW spiked 1.80% on the day. Economic cues were mixed though. After reporting first-time claims for US unemployment benefits at their lowest level in over fifty years in the previous week, the Labor Department released a report on Thursday showing a modest rebound by initial jobless claims in the week ended November 27th. The report said initial jobless claims rose to 222,000, an increase of 28,000 from the previous week's revised level of 194,000. The Euro area unemployment rate dropped marginally in October as the economy continued to expand despite supply bottlenecks, data from Eurostat showed on Thursday. The jobless rate came in at 7.3% down from 7.4% in September. In the same period last year, the unemployment rate was 8.4%. The COMEX Copper futures are trading at $4.29 per pound right now, up marginally on the day. MCX Copper futures closed at Rs 725 per kg, up 0.80% on the day.

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