Sliding Equities Weigh On COMEX Copper

Published on Oct 27, 2020 12:06

Copper pulled back further yesterday as US stocks tanked. The new coronavirus cases have soared and lawmakers in Washington appear to remain at an impasse over a new stimulus bill. COMEX Copper lost around 1.50%. On the economic front, the new home sales in the US recorded showed a sharp decrease in the month of September, according to a report released by the Commerce Department on Monday. The report said new home sales tumbled by 3.5% to an annual rate of 959,000 in September after jumping by 3% to a revised rate of 994,000 in August.

The German economic recovery is likely to continue in the current quarter, albeit at a much slower pace, Bundesbank said in its monthly report on Monday. The central bank said economic output is likely to have risen sharply in the third quarter. German business sentiment weakened in October, reports said citing survey data from ifo Institute on Monday. The business climate index fell to 92.7 in October from revised 93.2 in September. Assessment of current situation as well as expectations fell in October.