Base Metals Preview: Copper Rebounds In Early Asia

22 Nov 2022 , 09:22 AM

Copper rebounds in early Asia on Tuesday following a sharp decline overnight amid concerns about the outlook for the global economy that contributed to the weakness on Wall Street amid a surge in new Covid cases in China. China reported the death of three people after contracting Covid, marking the first Covid-related deaths that Chinas mainland has reported since May. The surge in new cases had led China to impose stringent restrictions in cities like Beijing and Shanghai, shattering recent hopes the country would soon ease Covid curbs. US stocks moved back to the downside during trading on Monday. The major averages all finished the day in negative territory, although the Dow posted a relatively modest loss, edging down 45.41 points or 0.1 percent to 33,700.28. The Nasdaq tumbled 121.55 points or 1.1 percent at 11,024.51 and the S&P 500 slid 15.40 points or 0.4 percent to3,949.94. Weakness in the greenback aided gains in copper that was up 0.74% at $3.59 per pound. Powered by Commodity Insights