Base Metals Preview: COMEX copper extends slide in early Asia

COMEX copper is seen extending slide on Monday morning in Asia amid renewed concerns of economic growth. The United Nations has stated in a latest update that global economic growth is now projected to slow to 2.4% in 2025, down from 2.9% in 2024, and 0.4 percentage points below the January forecast. Heightened trade tensions, along with policy uncertainty, have significantly weakened the global economic outlook for 2025. Also, China's home prices fell at a faster pace in April, adding to investor anxiety over slowing growth. However, strength in equities and falling copper inventories will likely continue to keep the counter supported. The major averages ended in positive on Friday. The Dow advanced 331.99 points or 0.8 percent to 42,654.74, the S&P 500 climbed 41.45 points or 0.7 percent to 5,958.38 and the Nasdaq rose 98.78 points or 0.5 percent to 19,211.10. For the week, the tech-heavy Nasdaq soared by 7.2 percent, the S&P 500 spiked by 5.3 percent and the Dow surged by 3.4 percent. Meanwhile, the red metal is quoting at $4.56 per pound, down 0.6%.

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