Base Metals Preview: COMEX copper slides over 2%

COMEX Copper futures fell sharply near $5 per pound mark on Monday amid concerns of US trade negotiations. The red metal is down over 2% in early Asia, at its lowest level in one and half weeks. Meanwhile, profit selling is also dragging the red metal down after nearly 8% rally in last month. COMEX Copper futures are currently quoting at $5.01 per pound, down 2.36% on the day. Meanwhile, Asian stock markets are trading mostly lower on Monday, following he broadly negative cues from European markets and lack of cues from Wall Street on Friday, amid ongoing concerns about U.S. tariffs after US President Donald Trump announced that his government will send letters to around 170 trading partners outlining new, simple unilateral tariffs that will take effect on August 1. Asian markets closed mixed on Friday.

Powered by Commodity Insights