Base Metals Preview: Copper stays subdued near one-week low

COMEX copper is staying subdued around a one-week low on Tuesday morning in Asia as profit taking contributed to some weakness on Wall Street. The major averages ended the day just off their highs of the session. The Nasdaq advanced 157.50 points or 0.7 percent to 22,788.98, the S&P 500 climbed 29.39 points or 0.4 percent to 6,693.75 and the narrower Dow inched up 66.27 points or 0.1 percent to 46,381.54. The red metal is currently quoting almost flat at $4.63 per pound. Meanwhile, base metals speculators added to 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 30348 contracts in the data reported through September 16, 2025, rising by 3107 contracts and hitting their highest levels in six-weeks.

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