Weekly Copper Review: COMEX copper tumbled nearly 4%

COMEX copper tumbled by nearly 4% on Friday as dollar index spiked above 100 for the first time in two months following a strong jobs data, driving sooner than expected rate hike by Fed. 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 weigh on demand prospects. Meanwhile, an extended sell-off on Wall Street also added immense pressure on the red metal which ended the week at $6.28 per pound. The Nasdaq plunged 1,121.53 points or 4.2 percent to 25,709.43, the S&P 500 tumbled 200.57 points or 2.6 percent to 7,383.74 and the Dow slumped 695.15 points or 1.4 percent to 50,886.78.

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