Base Metals Preview: COMEX copper extends losing streak

COMEX copper extends losing streak on Monday morning tracking pessimistic Asian equities as risk appetite was battered by the U.S. attacking Iran?s nuclear sites over the weekend, marking a potentially dire escalation in the Middle Eastern conflict. The US reportedly attacked three key Iranian nuclear facilities over the weekend, marking America?s official entry into the renewed Israel-Iran conflict. Investors were now watching for how Tehran will respond to the attack. The red metal is up around 3% so far this month but has mostly trended lower after hitting a two-month high of $5 per pound hit at the start of the month. Currently, the counter is quoting lower by around half a percent at $4.82 per pound. On the MCX, copper futures held around Rs 880 per kg.

Powered by Commodity Insights