Base Metal Preview: COMEX copper ascends above $6 per pound mark

COMEX copper climbed above $6 per pound mark on Thursday to its highest level in almost two and half months tracking positive cues from equities and pull back in dollar overseas. Stocks in the US showed another strong move to the upside during trading on Wednesday. With the continued upward move, the Nasdaq and the S&P 500 reached new record closing highs. The tech-heavy Nasdaq jumped 376.93 points or 1.6 percent to 24,016.02 and the S&P 500 advanced 55.57 points or 0.8 percent to 7,022.95, although the narrower bucked the uptrend and dipped 72.27 points or 0.2 percent to 48,463.72. Meanwhile, the red metal also gained optimism as China's economy accelerated in the first quarter of this year, expanding 5% from a year earlier as it largely shrugged off impacts from the Iran war so far, according to data released Thursday.

Powered by Commodity Insights