Base Metals Preview: Copper lingers around two-week high in Asia

COMEX Copper futures stayed largely supported as a break above $5 per pound continued to sustain. Markets are watching the likely end to longest government shutdown in US history. Meanwhile, the major US stock market indices saw mixed moves on Wednesday but still looked to offer a positive impetus for copper as the Dow edged near record closing high. It rose 0.7% while Nasdaq fell 0.3% and the S&P 500 inched up 0.1%. COMEX Copper futures are currently trading at $5.12 per pound, up 0.42% on the day and lingering around two-week high. MCX Copper added 0.51% to close at Rs 1013.4 per kg though the open interest in the counter fell around 10%.

Powered by Commodity Insights