COMEX Copper defied the weakness in equities to test around six year high. The red metal extended break above $3.30 per pound and currently trades at $3.33 per pound, up 0.66% on the day. MCX Copper ended flat at Rs 561.35 per kg after trading in a narrow range. DOW flipped back yesterday as market turned lower after hitting all time highs. Continued surge in US Covid-19 cases weighed on the sentiments. Copper rather focused on recent data showing good pickup in demand and ideas that Chinese economy is back on track in an impressive manner.
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) stated yesterday that China's fast recovery continues thanks to resolute measures in combatting the virus, mitigating its impact, and supporting growth. With the right mix of supportive macroeconomic policies focused on strengthening social safety nets and further key reforms, China will secure the recovery and ensure balanced and high-quality growth, which will benefit China and the world.
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