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Below is Weekly Basemetal Report by Mr. Saish Sandeep Sawant Dessai, Research Associate- Base Metals, Angel One Ltd

After tumbling to near four-month lows, copper prices rose to one-week highs on Monday. Though trading remained subdued as London and Asia markets remained closed following an extended weekend.

Copper prices rose as the ruling Communist Party's top decision-making body promised that it will continue to support the economy, focusing on domestic demand, which remains inadequate.

Copper managed to reach one-week highs, but for the month of April, the reddish gold colored metal plunged over 4%, its biggest monthly loss since June. This decline was prompted by positive US economic data that boosted the dollar and investors' worries about a recovery in demand in China despite the country's removal of stringent COVID-19 restrictions.

According to the most recent round of economic data, China's manufacturing activity unexpectedly contracted in April. The official manufacturing purchasing managers' index (PMI), which measures activity on a monthly basis, was 49.2 in April, down from 51.9 in March. This reading is below the 50-point threshold that delineates expansion from contraction.

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