Base Metals Preview: Copper Attempts To Hold Above $3.40 Mark

18 Oct 2022 , 09:07 AM

Copper is holding near lower levels in early Asia as accumulating rate hikes from the Federal Reserve and central banks worldwide added significant weight to copper prices over the past few months. Concerns over Chinese demand also weighed, after President Xi Jinping signaled that the country has no plans to scale back its strict zero-COVID policy. However, on the day the red metal is down only marginally by 0.10% at $3.40 per pound. US equities posted strong gains on the day, with the tech-heavy Nasdaq leading the way higher.Powered by Commodity Insights