(22 Mar 2025, 13:10)

Weekly Copper Review: COMEX futures extend winning spree to hit ten month high

COMEX Copper futures recorded massive gains this week as sentiments stayed well supported amid Chinese demand hopes. The red metal hit ten month high and largely saw upbeat moves after breaking above $5 per pound mark. The counter rose around 4.20% this week. Chinese policymakers have unveiled an action plan to boost consumption, a top policy priority for Beijing. The plan said the government will work to increase income for both urban and rural residents, while also taking measures to boost employment. It pledged to expand trade-in programs for home appliances and cars while vowing to stabilize the nation’s stock and property market, which affect consumer confidence. Meanwhile, broad global environment remained supported. The Organization for Economic Co-operation and Development (OECD) has stated that the global economy remained resilient in 2024, expanding at a solid annualized pace of 3.2% through the second half of the year. However, recent activity indicators point to a softening of global growth prospects. Business and consumer sentiment have weakened in some countries. Inflationary pressures continue to linger in many economies. At the same time, policy uncertainty has been high and significant risks remain.

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Weekly Copper Review: COMEX futures extend winning spree to hit ten month high