Base Metals Preview: COMEX copper up more than 1% in early Asia

COMEX copper futures are up more than 1% in early Asia on Tuesday after China's cabinet reportedly vowed to ensure the economy achieves its full-year growth target after second-quarter GDP growth slowed to 4.3%, the weakest pace in more than three years. However, the dollar index is edging closer to 101 after rising for three straight sessions, as ongoing hostilities between the US and Iran drove oil prices higher, reviving concerns about inflation and interest rate hikes. This could limit gains in the red metal which us currently quoting at $6.41 per pound. Nevertheless, Asian stock markets are trading mostly higher today morning, despite the broadly negative cues from Wall Street overnight, amid ongoing mediation efforts in the Middle East to revive a fragile ceasefire after reports that U.S. President Donald Trump is nearing a decision on a 10-day ceasefire to reopen the Strait of Hormuz.

Powered by Commodity Insights