Base Metals Preview: Copper slides from one-week high as equities resume slide

COMEX Copper tumbled today, sliding from a one-week high as elevated exchange inventories and nervous equities weighed on the red metal. Stocks slipped in Asia and Europe as uncertainty lingered on the status of Middle East peace talks as Iran dismissed US plan to pause the war. LME Copper inventories are holding around eight-year high, keeping the overall undertone lax for the commodity after the recent break under $6 per pound. COMEX Copper futures are currently trading at $5.51 per pound, down 0.85% on the day. The counter gave up strong gains of 2% in last session. MCX Copper April futures are set to open on a depressing note following this. The counter added 1.45% to end at Rs 1151 per kg in last session. Overall mood is likely to be choppy as MCX March contract will expire on 31st of March.

Powered by Commodity Insights