Base Metals Preview: Copper loses momentum in early Asia tracking choppy equities

COMEX Copper futures erased gains near 10 month high on Friday morning in Asia tracking choppy session on Wall Street overnight. The modestly lower close on Wall Street came amid lingering concerns about the economic outlook following the Federal Reserve's monetary policy announcement on Wednesday. The US Fed held rates steady but reaffirmed its projection for two cuts this year. Importantly, the US Federal Reserve Chair Jerome Powell has downplayed US economic growth concerns and the impact of President Donald Trump?s tariffs. He noted that inflationary impact of tariffs is likely to be transitory. The Nasdaq fell 59.16 points or 0.3 percent to 17,691.63 and the S&P 500 dipped 12.40 points or 0.2 percent to 5,662.89, while the narrower Dow posted an even more modest loss, edging down 11.31 points or less than a tenth of a percent to 41,953.32. Copper has been staying elevated after breaking above $5 per pound mark and currently trades at $5.09 per pound, down 0.26% on the day. On the MCX, copper eased slightly to Rs 907.45 per kg.

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