Base Metals Preview: Copper slips below $4.59 per pound mark

COMEX copper extends previous day loses on Thursday morning in Asia as dollar stays firm ahead of crucial data. Copper scaled up five-week high near $4.70 per pound yesterday as global manufacturing operating conditions improved to the greatest extent since June 2024 in August, as levels of output, new orders and employment all returned to growth. The J.P.Morgan Global Manufacturing PMI ? a composite index produced by J.P.Morgan and S&P Global Market Intelligence in association with ISM and IFPSM ? rose to 50.9 in August, from 49.7 in July, to signal a slight improvement in operating conditions. The counter however faced resistance at higher levels and eased thereafter. Currently, copper is quoting lower by nearly 1% at $4.58 per pound. Meanwhile, on the Wall Street, the Nasdaq and the S&P 500 regained ground following the pullback seen over the two previous sessions, although the narrower Dow saw further downside.

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