Base Metals Preview: COMEX copper jumps to near one-month high

COMEX Copper futures jumped to a near one-month high as weak US dollar and falling LME Copper inventories boosted the red metal though mixed equities capped gains. The US dollar index tanked under 99 mark as rate cut expectations took a toll on the currency. Federal Reserve Governor Christopher Waller said the central bank could cut interest rates in the second half of 2025. The PBoC cut key lending and liquidity rates shortly after credit data indicated that the issuance of government bonds increased in April, extending signals that Beijing would continue to support factory activity. The counter ended on Friday up almost 4% at $4.86 per pound and is stabilizing around the levels on Monday morning in Asia. Meanwhile, US stocks moved sharply lower in early trading on Friday but regained some ground over the course of the session. The tech-heavy Nasdaq tumbled as much as 1.7 percent early in the session before ending the day down 188.53 points or 1.0 percent at 18,737.21. The S&P 500 also slid 39.19 points or 0.7 percent to 5,802.82 and the Dow fell 256.02 points or 0.6 percent at 41,603.07. For the week, the S&P 500 gave up 2.6 percent, while the Nasdaq and the Dow both plunged by 2.5 percent.

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