Base Metals Preview: Copper Pulls Back In Early Asia

8 Dec 2022 , 08:17 AM

Copper prices pulled back in early trades on Thursday tracking strength in dollar overseas and weakness in equities. The choppy trading on Wall Street came as traders expressed uncertainty about the near-term outlook for the markets ahead of next weeks Federal Reserve meeting. The tech-heavy Nasdaq eventually ended the session down 56.34 points or 0.5 percent at 10,958.55. The S&P 500 also edged down 7.34 points or 0.2 percent to 3,933.92, closing lower for the fifth straight session, while the Dow inched up 1.58 points or less than a tenth of a percent to 33,597.92. However, reports stating China lifting some of its strict Covid-19 rules could limit losses for Copper. The red metal currently quotes at $3.84 per pound, down 0.5% on the day, but stays close to three weak high levels. Powered by Commodity Insights