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Pre Session Commentary
Base Metals Preview: Copper Slides On Corrective Selling
22-May-20   09:11 Hrs IST

COMEX Copper fell more than a percent yesterday, coming off their two and half month high. The metal dropped further today as equities slipped and is currently quoting at $2.39 per pound, down 1.16% on the day. MCX Copper fell 1.18% to close at Rs 411.65 per kg. Economic cues remain bleak. The US Conference Board released a report on Thursday showing a continued nosedive by its reading on leading economic indicators. The Conference Board said its leading economic index tumbled by 4.4% in April after plunging by a revised 7.4%% in March. The US existing home sales plunged by 17.8% to an annual rate of 4.33 million in April after tumbling by 8.5% to 5.27 million in March. First-time claims for US unemployment benefits pulled back further off the record high set in late March in the week ended May 16th, according to a report released by the Labor Department. The report said initial jobless claims dropped to 2.438 million, a decrease of 249,000 from the previous week's revised level of 2.687 million. The Euro area private sector remained in its deepest downturn ever in May due to the containment measures taken amid coronavirus, or Covid-19, pandemic, flash survey results from IHS Markit showed Thursday. The composite output index jumped to 30.5 in May from a record low 13.6 in April. A score below 50 indicates contraction. The prior low of 36.2 was seen during the peak of the global financial crisis in February 2009.

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