Base Metals Preview: COMEX Copper Down More Than 2%

29 Aug 2022 , 09:10 AM

Copper dropped to a one-week low tracking sharply lower equities reacting negatively to remarks by Federal Reserve Chair Jerome Powell. The major averages in US more than offset the upward move seen over the two previous sessions, falling to their lowest levels in a month. The Dow plunged 1,008.38 points or 3 percent to 32,283.40, the Nasdaq dove 497.56 points or 3.9 percent to 12,141.71 and the S&P 500 plummeted 141.46 points or 3.4 percent to 4,057.66. Strength in dollar also weighed down the red metal. COMEX copper was down more than 2% at $3.62 per pound. Powered by Commodity Insights