Base Metals Preview: COMEX copper at one-week low

Copper futures steady around an over one-week low attained in the previous session tracking a downturn on Wall Street overnight. The tech-heavy Nasdaq fell 99.11 points or 0.5 percent to 19,615.88, the S&P 500 dipped 16.57 points or 0.3 percent to 6,022.24 and the Dow edged down 1.10 points or less than a tenth of a percent to 42,865.77. Meanwhile, World Bank prediction of worst global slowdown since 2008 in addition to demand concerns after the entity said that metal prices are projected to decline in 2025-26, following gains in 2024 is seen weighing on the counter. Currently, the red metal is quoting at $4.82 per pound, up 0.19% on the day following a near 2% slump on the previous session. On the MCX, copper futures are holding near Rs 870 per kg.

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