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Commodity Post Session News

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(14 Jun 2024, 17:11)

COMEX Copper Lingers Near 6-Week Low On Surging Inventories


Copper is seen consolidating around a six week low at $4.49 per pound on Friday amid persistent demand concerns and hawkish outlook from Fed that will likely keep dollar upbeat. Relatively lackluster performance on the Wall Street and persistently rising copper inventories are also weighing down the red metal. LME Copper inventories continued to rise to hit its highest level in four months. The stockpiles added 4650 tonnes to 132,075 tonnes in the previous session, its highest level since mid Feb this year. European stocks fell on Friday to extend losses from the previous session as election campaigns in the U.K. and France continue. The German DAX shed 0.6 percent, France's CAC 40 tumbled 1.7 percent and the U.K.'s FTSE 100 was down 0.2 percent.

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