Base Metals Preview: COMEX copper extends downside in early Asia

COMEX copper extended downside on Thursday morning in Asia amid widening concerns of trade tensions globally. The US Trade Representative announced plans for additional tariffs of up to 12.5% on imports from 60 trading partners, including China, over alleged failures to prevent imports linked to forced labor, weighing on the red metal. Meanwhile, stocks in the US moved mostly lower over the course of the trading session on Wednesday, giving back ground after trending higher over the past several sessions. The major averages all moved to the downside, with the Dow showing a notable slump. The Dow showed a downward move going into the end of the day, closing down 620.72 points or 1.2 percent at 50,687.07. The Nasdaq also slid 239.93 points or 0.9 percent to 26,853,98, while the S&P 500 fell 56.10 points or 0.7 percent to 7,553.68. Copper is currently seen trading at $6.47 per pound, down 0.76% on the day. Yesterday, the metal lost fell over 2.5%.

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