Base Metals Preview: Copper Down More Than 1% As Demand Concerns Weigh

17 Nov 2022 , 09:04 AM

Copper is seen struggling near a one week low amid weak China economic data coupled with rising COVID cases in the biggest metal consumer, adding to demand woes. New home prices in China fell at their fastest pace in more than seven years in October. Meanwhile, US stocks moved mostly lower over the course of the trading session on Wednesday. The Nasdaq tumbled 174.52 points or 1.5 percent to 11,183.66. The S&P 500 also slumped 32.94 points or 0.8 percent to 3,958.79. COMEX copper slumped more than 1% at $3.72 per pound. Powered by Commodity Insights