Base Metals Preview: COMEX copper steadies near one-week high

COMEX copper is seen steadying around a one-week high at $4.47 per pound, almost flat on the day. Overnight equities finished the day in negative territory, reflecting some profit taking. The Dow slid 349.27 points or 0.8 percent to 45,282.47, the S&P 500 fell 27.59 points or 0.4 percent to 6,439.32 and the Nasdaq slipped 47.24 points or 0.2 percent to 21,449.29. Meanwhile, base metals speculators cut their net long positions in the Copper futures market last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Copper futures, traded by large speculators and hedge funds and retailers totaled a net long position of 26032 contracts in the data reported through August 19, 2025, sliding by 2179 contracts.

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