Base Metals Preview: COMEX copper seen consolidating after recent historic peak

Gains in copper futures are consolidating in early Asia on Monday on profit booking after touching an all-time high last week. Weakness in dollar is supporting the red metal but renewed concerns on US-Iran front and possible renewed inflation worries is limiting gains in the counter. Market is also looking ahead to the National People's Congress Standing Committee meeting on August 25?28, hoping for fresh policy signals following a string of weaker-than-expected economic data and recent pledges by policymakers to support growth. Meanwhile, US equities on Friday finished higher, limiting losses in the counter. The Dow jumped 517.80 points or 1 percent to 53,277.01, the Nasdaq climbed 113.29 points or 0.4 percent to 26,180.45 and the S&P 500 rose 33.21 points or 0.4 percent at 7,674.37. The counter is currently quoting at $6.55 per pound.

Powered by Commodity Insights