Base Metals Preview: COMEX copper seen flat in early Asian trades

COMEX Copper futures are staying more or less flat on Monday morning in Asia as weakness in dollar is providing some support. Meanwhile, sharp surge in US equities on Friday are also helping upside in the red metal that is currently quoting at $5.89 per pound. The Dow soared 1,206.95 points or 2.5 percent to 50,115.67, the Nasdaq surged 490.63 points or 2.2 percent to 23,031.21 and the S&P 500 jumped 133.90 points or 2.0 percent to 6,932.30. For the week, the Dow shot up by 2.5 percent, while the S&P 500 edged down by 0.1 percent and the Nasdaq slumped by 1.8 percent. Meanwhile, global manufacturing witnessed a modest but encouraging start to 2026, according to PMI data sponsored by J.P. Morgan and compiled by S&P Global Market Intelligence. The headline global manufacturing PMI rose from 50.4 to a three-month high of 50.9, signalling a sustained, albeit subdued, improvement of business conditions for a sixth straight month. Although the index remains only modestly in expansion territory (i.e. above the 50.0 no change level), the ongoing resilience of the manufacturing sector in the face of heightened geopolitical tensions at the start of 2026 is itself encouraging.

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