Base Metals Preview: COMEX copper stays under pressure

COMEX Copper continues to stay under pressure on Tuesday morning in Asia as dollar gains momentum on the back of safe haven demand amid ongoing geo-political turmoil in the Middle East. The dollar index is quoting higher by around 0.20% on the day. As per media reports, US President Donald Trump called for the evacuation of Iran?s capital Tehran on Monday, hours after urging the country's leaders to accept a deal to curb its nuclear program as Israel hinted that attacks would continue. However, a rally on Wall Street restricted downside in the red metal. The Nasdaq jumped 294.39 points or 1.5 percent to 19,701.21, the S&P 500 advanced 56.14 points or 0.9 percent to 6,033.11 and the Dow climbed 317.30 points or 0.8 percent at 42,515.09. Falling LME Copper inventories are also keeping downside limited for the commodity. COMEX copper however, is lingering around two week low of $4.80 per pound, down 0.68% on the day. On the MCX, the futures is holding near Rs 878 per kg.

Powered by Commodity Insights