Base Metals Preview: COMEX copper holds above $6 per pound mark

COMEX copper is holding just above $6 per pound mark on Monday morning in Asia tracking broad strength in dollar and muted equities taking negative cues from Wall Street last weekend. Reported renewed hostilities in the Middle East over the weekend weighed on sentiments although the U.S. and Iran have now reportedly agreed to halt military strikes against each other and meet on Tuesday in Doha, Qatar, to resolve tensions over the Strait of Hormuz. Besides, Federal Reserve?s hawkish stance and a rising US dollar continues to weigh on sentiment toward industrial metals. Currently, copper futures are quoting at $6.20 per pound.

Powered by Commodity Insights