Base Metals Preview: COMEX copper down over 1.5% in early Asia

COMEX copper extends downside in early Asia on Friday following an uptick in the previous session. The red metal is seen pressured amid prolonged Middle East conflict and the near-closure of the Strait of Hormuz which concerns global growth expectations. Besides, expectations for tighter monetary policy in response to an energy-driven inflation shock also weighed on demand prospects. Meanwhile, mostly higher closing in US equities overnight is seen limiting losses in the counter. The Dow gave back some ground going into the end of the day but still jumped 874.86 points or 1.7 percent to 51,561.93. The S&P 500 also climbed 30.63 points or 0.4 percent to 7,584.31 but the tech-heavy Nasdaq closed down 23.02 points or 0.1 percent at 26,830.98. The counter is currently trading lower by 1.6% at $6.43 per pound.

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