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  • COMEX Copper Sees Choppy Moves After Gaining 8% In Last One Week
  • March 23,2023  17:48
  • COMEX Copper futures consolidated in a range today after hitting around three week high of $4.10 per pound in last session. Asian stock markets saw mostly steady moves with good gains in Chinese and Hong Kong indices. European markets witnessed substantial selling. UK's FTSE index is down 0.87%. The US stocks fell sharply in volatile trades yesterday with the DOW sinking around 1.60%. The index saw heavy losses post the US Fed meet. Markets mostly tried to make sense of the latest US monetary policy action. The US Federal Reserve hiked interest rates by 25 basis points yesterday and acknowledged the current banking crisis will lead to tighter credit conditions for households and businesses and to weigh on economic activity, hiring, and inflation. The extent of these effects is uncertain. While the Fed rate decision was largely on expected lines, the central bank has not given a clear guidance on near term monetary policy trajectory. COMEX has broken above $4 per pound comfortably but the metal is likely to see some choppy moves after the sharp spike of nearly 8% in last one week. The COMEX Copper futures are currently trading at $4.05 per pound, up marginally on the day.

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