(31 Mar 2025, 15:34)

Base Metals Preview: Copper near one week low, upbeat China manufacturing data could offer support

COMEX Copper futures neared one week low today as weak US consumer sentiment data capped the upside for the metal. However, firm Chinese economic cues are likely to keep overall movement in a range. Consumer sentiment in the US fell in March, according to revised data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index for March was downwardly revised to 57.0 from a preliminary reading of 57.9. The consumer sentiment index is down sharply from a reading of 64.7 in February, plunging to its lowest level since hitting 56.7 in November 2022. However, latest data showed that China’s official purchasing managers' index (PMI) rose to 50.5 in March from 50.2 a month prior, according to the National Bureau of Statistics (NBS), the highest reading since March 2024. COMEX Copper futures are currently down around 1% at 5.06 per pound. This could lead to a downbeat opening for the MCX Copper futures today. The benchmark local futures closed at Rs 898.30 per kg, up 0.05% on the day after hitting a high of around Rs 903 per kg.

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Base Metals Preview: Copper near one week low, upbeat China manufacturing data could offer support