Weekly Copper Review: COMEX futures break above $5 per pound amid excellent cues from US equities

COMEX Copper futures soared as markets eyed weak US dollar index amid a sustained gain in the US equities. The metal broke above $5 per pound to test two-month high and closed the week with a 6.60% spike. Broad demand trends remain supportive for the metal. The Global Manufacturing PMI, sponsored by J.P. Morgan and compiled by S&P Global Market Intelligence, registered 50.8 in September from 50.9 in August. Although dipping slightly at the end of the third quarter, the past two months have seen the highest back-to-back PMI readings since June 2024 to indicate one of the best spells for the sector since the pandemic. Copper output in Chile, the world's largest producer of the metal, slipped 9.9% year-on-year, to 423,643 metric tons versus 470,696 tons in August 2024, according to data from statistics agency INE. Meanwhile, the US stocks added to recent gains, reaching new record closing highs and offered good support to Copper.

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