Base Metals Preview: COMEX copper tumbles nearly 5% from record high levels

COMEX copper is holding decline after having slumped sharply by almost 5% in the previous session, erasing almost all gains made through previous week. Weak equities and rebound in dollar amid soaring oil price which are increasing case for a Federal rate hike is seen weighing on the red metal. Stocks on Wall Street moved mostly lower during trading on Thursday, extending the downward move seen over the past several sessions. The major averages all finished the day firmly in negative territory. The Dow fell 316.56 points or 0.6 percent to 52,064.10, the Nasdaq slid 171.62 points or 0.7 percent to 26,081.72 and the S&P 500 declined 44.66 points or 0.6 percent to 7,591.70. Currently, the counter is quoting at $6.53 per pound, down 0.27% on the day.

Powered by Commodity Insights