Base Metals Preview: MCX Copper Recovers Lost Ground, Ends Sideways on Wednesday

Indian Copper ended sideways covering most of the losses during the day, The prices moved ahead of Rs 460 per kg at the last tick and was at Rs 461.9 per kg. The local futures tested a high of Rs 462.45 per kg and a low of Rs 458.7 per kg.

Global cues remained weak as the US dollar hovered near a five-month high versus a basket of major currencies following a surge in Treasury yields.

A firmer greenback makes dollar-denominated assets more expensive for holders of other currencies. COMEX Copper is currently down 0.10% at $ 3.05 per pound. On the economic front today, Chinas new home prices rose 0.5% in April from a month earlier, compared with an increase of 0.4% in March.

China housing prices stayed largely stable in major Chinese cities in April as the government continued tough purchase restrictions, official data showed Wednesday. On a yearly basis, new residential housing prices in Chinas first-tier cities declined 0.4 percentage points more in April compared with a 0.6% drop in March, the National Bureau of Statistics (NBS) said.