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Pre Session Commentary
Base Metals Preview: Copper Drops 1% In Asia
26-Mar-20   09:21 Hrs IST

Copper stayed supported yesterday as hopes of a massive stimulus package kept US stocks supported for second session. DOW added 2.4%. However, COMEX Copper failed to extend these gains and dropped 1% to $2.18 per pound in Asia today. MCX Copper futures closed at Rs 376.80 per kg, up 0.84% on the day in last session and should see a tepid opening today.

The economic cues are mixed. The Commerce Department said durable goods orders jumped by 1.2% in February after a revised gain of 0.1% in January. The US new home sales tumbled by 4.4% to an annual rate of 765,000 in February after spiking by 10.5% to an upwardly revised rate of 800,000 in January. However, German business sentiment recorded its steepest fall ever recorded since German reunification, as the spread of coronavirus weighed on economic activity, final survey data from ifo Institute showed Wednesday. The business confidence index tanked to 86.1 in March from 96.0 in February. The final survey showed that companies' expectations darkened as never before. Assessments of the current situation also worsened considerably. The business situation indicator fell to 93.0 in March following 99.0 in the previous month while the expectations index plunged to 79.7 from 93.1. German manufacturing business confidence index fell to its lowest level since August 2009 while in the service sector, the business climate indicator saw the greatest fall since the data was first recorded in 2005.

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