Base Metals Preview: Copper holds near one-week high

COMEX copper is holding near a one-week high on Friday morning in Asia as dollar gave some of its sharp gains this week on the back of Fed rate hikes. DXY is trading under 100 mark. Besides, rally on Wall Street also contributed to gains in the red metal. The tech-heavy Nasdaq led the way higher, offsetting recent losses and turning positive for the week. The Nasdaq and S&P 500 reached new highs for the session late in the day before giving back ground going into the close. The Nasdaq surged 439.87 points or 1.7 percent to 26,418.30 and the S&P 500 jumped 85.95 points or 1.1 percent to 7,637.76. Currently, the counter is holding around $6.64 per pound, down 0.37% on the day.

Powered by Commodity Insights