Base Metals Preview: Copper lingers around one-week low

COMEX Copper futures extend slide near a one-week low amid rising global Copper supplies as Anglo American and Chile?s state-owned copper company Codelco announced that they have finalized an agreement to jointly operate copper mines in Chile, which have at least US$5 billion in value. Besides, geopolitical worries also escalated as Israel launched a sweeping ground offensive in Gaza City. COMEX Copper is currently down 0.30% at $4.61 per pound, after registering an over 1% fall in the previous session. Meanwhile, late-day volatility on Wall Street came following the Federal Reserve's widely expected announcement of its decision to lower interest rates by a quarter point. The Dow climbed 260.42 points or 0.6 percent to 46,018.32, the S&P 500 edged down 6.41 points or 0.1 percent to 6,600.35 and the Nasdaq fell 72.63 points or 0.3 percent to 22,261.33. On the Multi Commodity Exchange, copper futures for October contract eased by Rs 4.85 or 0.53% to Rs 917.05 per kilogram.

Powered by Commodity Insights