Base Metals Preview: COMEX Copper Slides As Equities Tumble

24 Feb 2022 , 09:13 AM

COMEX Copper pulled back in volatile trades yesterday. The counter slipped from a high of $4.54 per pound to slide well under $4.50 per pound. US Stocks moved sharply down on Wednesday, extending the sell-off seen over the three previous sessions. The Dow tanked 464.85 points or 1.4% to 33,131.76, the Nasdaq slumped 344.03 points or 2.6% to 13,037.49 and the S&P 500 plummeted 79.26 points or 1.8% to 4,225.50. With the steep drop on the day, the S&P 500 and the Nasdaq ended the session at their lowest closing levels in eight and nine months, respectively, while the Dow tanked to a nearly eleven-month closing low. COMEX Copper futures are currently trading down marginally at $4.45 per pound. MCX Copper futures closed at Rs 759 per kg, down 0.78% on the day.

Powered by Commodity Insights