Base Metals Preview: Copper stays pressured in early Asia

COMEX copper stays pressured in opening trades on Monday tracking strength in dollar and weak cues from equities. The major averages on Wall Street climbed off their worst levels on Friday but still posted steep losses. The Nasdaq plunged 459.72 points or 2.2 percent to 20,948.36, the Dow tumbled 793.47 points or 1.7 percent to 45,166.64 and the S&P 500 slumped 108.31 points or 1.7 percent to 6,368.85. Meanwhile, dollar index held above 100 on Monday after rising for four straight sessions, supported by safe-haven demand as the Middle East conflict entered its fifth week with no end in sight. Iran-backed Houthi militants in Yemen joined the conflict after targeting Israel over the weekend, escalating tensions. Currently, the red metal is quoting at $5.5 per pound mark.

Powered by Commodity Insights