Base Metals Preview: COMEX copper stays largely supported

COMEX Copper futures rebounded on Monday morning in Asia and stayed largely supported amid firm cues on demand front. The red metal is currently quoting at $4.56 per pound, up 0.25% on the day. Last week, the tech-heavy Nasdaq jumped by 1.1 percent and the S&P 500 rose by 0.3 percent, but the narrower Dow dipped by 0.3 percent. 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. Copper dipped around 1% in last week but had recorded an impressive 5.40% spike in August.

Powered by Commodity Insights