Base Metals Preview: Copper Extends Gains On Weak Dollar

25 Nov 2022 , 08:48 AM

Copper prices extended gains on Friday as dollar continued to stay weak on dovish remarks in the recent Fed minutes. Besides, the red metal took cheer from equities that stayed upbeat yesterday as US markets were closed for the Thanksgiving holiday on Thursday and will close early on Friday. Overseas, Asian markets were trading marginally lower on Friday amid concerns over rising Covid cases in China and inflation in Japan. Rising China Covid concerns are likely to keep the commodity under pressure. The National Health Commission reported 31,444 local infections on Thursday, surpassing 29,317 cases recorded on April 13 during the height of the lockdown in Shanghai. COMEX copper was quoting at $3.64 per pound, up 0.70% on the day. Powered by Commodity Insights