Base Metals Preview: COMEX Copper Under Continued Stress

14 Jul 2022 , 09:12 AM

Resurgent Covid-19 outbreaks and ensuing lockdowns in top consumer China coupled with increasing concerns of a global slowdown is adding downward pressure on copper prices. Copper futures are currently up 0.06% at $3.31 per pound. US stocks witnessed a slide on Wednesday after June inflation data hit its highest level since 1981, adding to growing fears that the Federal Reserve will get more aggressive in its fight to tame rising prices. The Dow Jones Industrial Average dropped 208.54 points, or 0.67%, to 30,772.79, while the S&P 500 dipped 0.45% to 3,801.78. The Nasdaq Composite slipped 0.15% to close at 11,247.58. Powered by Commodity Insights