COMEX Copper futures fell more than 1% TO $4.38 per pound to test three month low on Friday amid heavy selling pressure in the US equities. Following the rally seen in the previous session, stocks showed a substantial move back to the downside during trading on Friday. The Nasdaq tanked to its lowest closing level since late November 2020. Firm moves in the US dollar index and ideas that the red metal will continue to get buffeted due to the China Covid worries are capping the red metal. Recent spurt in LME Copper inventories to six month high is also weighing.
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