Base Metals Preview: Copper futures linger below $4.80 per pound mark

COMEX Copper recovered sharp losses incurred over the weekend but still stays around 2-week lows under $4.80 per pound mark in early Asia on Monday as a slide from recent highs continued amid risk-aversion in world markets. Global demand concerns also weighed after World Bank noted that global growth is expected to weaken to 2.3% in 2025, substantially weaker than previously projected. Meanwhile, China imported 2.4 million metric tons of copper concentrate in May, customs data showed on Monday, dropping 18% from the record amount set in April. Moreover, sharp pullback in US equities also weighed on the counter. On Friday, the Dow plummeted 769.83 points or 1.8 percent to 42,197.79, the Nasdaq plunged 255.66 points or 1.3 percent to 19,406.83 and the S&P 500 tumbled 68.29 points or 1.1 percent to 5,976.97. A sustained drop in LME Copper inventories to 13-month low however helped cap losses for the red metal.

Powered by Commodity Insights