Base Metals Preview: COMEX Copper Spikes As US Equities Roar

11 Nov 2022 , 09:08 AM

Copper surged yesterday, rising in tune with the US equities as the falling US dollar boosted commodities. The red metal currently quotes at $3.82 per pound, up 1.74% on the day and adding to recent gains. These are the highest levels in nearly four months for the metal. Meanwhile, the US stocks recorded their biggest rally since 2020 after Octobers reading of consumer prices raised investor hopes that inflation has peaked. The Dow Jones Industrial Average jumped 1,201.43 points, or 3.7%, to 33,715.37 for its biggest one-day gain since stocks were emerging from the depths of the pandemic bear market. The S&P 500 jumped 5.54% to 3,956.37 in its biggest rally since April 2020. The Nasdaq Composite also spiked 7.35%, its best since March 2020, closing at 11,114.15. Copper traders also eyed low inventories in China, where stockpiles in SHFE and bonded warehouses combined were near their record low. Powered by Commodity Insights