Base Metals Preview: COMEX Copper Tests Three Month Low As Equities Melt

27 Apr 2022 , 09:06 AM

COMEX Copper fell near a three month low of $4.40 per pound amid heavy selling in US equities. Economic cues were also weak. The Conference Board released a report on Tuesday showing a modest decrease in US consumer confidence in the month of April. The Conference Board said its consumer confidence index edged down to 107.3 in April from an upwardly revised 107.6 in March. After recovering from an early sell-off in the previous session, stocks showed a substantial move back to the downside during trading on Tuesday. The tech-heavy Nasdaq led the way lower, plunging to its lowest closing level in over a year, while the Dow and the S&P 500 tumbled to one-month closing lows.

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