Base Metals Preview: COMEX copper down over half a percent in early Asia

COMEX copper shed further gains to over one-week low on Friday morning in Asia after having hit historical highs in the previous week. Shrinking inventories have supported the counter recently, taking it to record highs of $$6.87 mark. Meanwhile, weakness in dollar and positive overnight equities could likely limit losses in the red metal which is currently quoting lower by over half a percent at $6.57 per pound. The major averages on Wall Street all moved to the upside on the day, with the S&P 500 reaching a new record closing high. The Nasdaq led the way higher, advancing 214.54 points or 0.8 percent to a two-month closing high of 26,803.03. The S&P 500 also climbed 50.49 points or 0.7 percent to 7,798.99, while the narrower Dow posted a more modest gain, inching up 69.72 points or 0.1 percent to 53,839.99.

Powered by Commodity Insights