Base Metals Preview: Copper Sees Modest Gains

COMEX Copper rose after recovering from one week low on improving risk appetite. The metal trades at $ 2.78 per pound, up marginally on the day. However, the overall economic undertone remains weak and that could cap the upside for the red metal. The IFO World Economic Climate index for the first quarter of 2019 slipped for the fourth time in a row to minus 13.1 points, the German IFO Institute announced. For the fourth quarter of 2018, the index for the global business climate stood at -2.2 points. The IFO index for the global economic climate in the first quarter of 2019 is based on responses of 1,293 experts from over 100 countries. The experts surveyed by the Institute expected weaker growth of private consumption, investments and world trade, as well as a worldwide depreciation of the US dollar.