Base Metals Preview: Copper Attempts Recovery In Early Asia

7 Dec 2022 , 08:29 AM

Copper prices are trading near the flat line in early Asia on Wednesday tracking slight weakness in the dollar overseas. The red metal was seen supported as several major Chinese cities scaled back COVID-linked movement curbs and testing mandates in recent days, amid growing public ire towards the governments strict zero-COVID policy. However, overall grim global economic scenario continues to add pressure on the commodity. COMEX copper is currently quoting at $3.81, up marginally on the day. Meanwhile, US stocks moved sharply lower during trading on Tuesday, extending the sell-off seen over the course of Mondays session. The major averages all showed significant moves to the downside, with the tech-heavy Nasdaq posting a particularly steep loss. Powered by Commodity Insights