Base Metals Preview: Risk averse global sentiments dampen demand for copper

A sharp move to the downside by stocks on Wall Street and a firming dollar overseas is seen dampening sentiments in the red metal in early Asia on Wednesday. The major averages all finished the day in negative territory, with the tech-heavy Nasdaq showing a notable decline. The Nasdaq tumbled 302.47 points or 1.2 percent to 25,818.69, the S&P 500 fell 33.58 points or 0.5 percent to 7,503.85 and the Dow dipped 130.76 points or 0.3 percent to 52,925.15. Meanwhile, DXY regained momentum on the back of renewed tension between US and Iran. Currently, COMEX copper is trading at $6.21 per pound, down 0.20% on the day.

Powered by Commodity Insights