Base Metals Preview: Copper Dips On Weak China Data

30 Sep 2022 , 08:58 AM

Copper gave up recent gains and is down in early Asia on Friday after manufacturing sector in China continued to contract in September, and at a faster pace, the latest survey from Caixin showed on Friday with a manufacturing PMI score of 48.1. Besides, US stocks showed a substantial move back overnight with major averages well off their worst levels going into the close but continued to post steep losses. The Dow slumped 458.13 points or 1.5 percent to 29,225.61, the Nasdaq plunged 314.13 points or 2.8 percent to 10,737.51 and the S&P 500 tumbled 78.57 points or 2.1 percent to 3,640.47. COMEX copper is currently down 0.27% at $3.41 per pound.Powered by Commodity Insights