Base Metals Preview: COMEX copper set for weekly gain of over 5%

COMEX copper took a beating on Friday morning in Asia tracking weakness in overnight equities, but following a sharp spike in the red metal yesterday. Major averages on the Wall Street ended in negative territory. While the tech-heavy Nasdaq slid 162.04 points or 0.8 percent to 19,298.45, the S&P 500 fell 31.51 points or 0.5 percent to 5,939.30 and the Dow dipped 108.00 points or 0.3 percent to 42,319.72. Nevertheless, dollar lingering near 6-week low and falling copper inventories capped downside in the metal. Currently, the counter is quoting at $4.93 per pound, down marginally on the day but set for a weekly gain of over 5%.

Powered by Commodity Insights