Copper prices react sparingly to BOJ data, finds support in vaccine news

Copper prices are wavering, even as Japan’s manufacturing sector records improved business sentiment. Data from the Bank of Japan indicates heightened confidence among Japan’s manufacturers. Notably, copper prices are finding support from the weak US dollar. Furthermore, the ongoing progress in COVID-19 vaccination has held the red metal prices above the $3.50 psychological level. As at 10.14 GMT, copper prices were trading at $3.53, down by 0.03%.

Data released by the Bank of Japan (BOJ) on 14th December indicates an improvement in Japan’s business sentiment.

The Tankan big manufacturing outlook index improved from Q3’s -17 to -8. Experts had forecasted a reading of -11. At the same time, the current quarter’s large manufacturers index is at -10. The number is higher than the expected -15 and the previous -27.