Copper Off Three Week Top, Market Eyes China Situation

7 Dec 2022 , 05:23 PM

COMEX Copper futures turned lower today as a slide from three week highs extended amid sustained losses in global equities. Reports stating China lifting some of its strict Covid-19 rules capped the losses for Copper though and the red metal currently quotes at $3.79 per pound, down 0.54% on the day. Asian stocks fell across the board today. Chinas Shanghai Composite index eased 0.40%. Hong Kongs Hang Seng index tanked 3%. Japans Nikkei 225 index fell 0.72%. European markets moved lower amid lack of major economic data. The US stocks slipped on Tuesday, extending the sell-off seen over the course of Mondays session. The major averages all showed significant moves to the downside, with the tech-heavy Nasdaq slumping 2% to test a one week low. The Dow lost 1%. Powered by Commodity Insights