Base Metals Preview: Copper Rebounds Supported By Equities

9 Dec 2022 , 08:18 AM

Copper regained lost footing near three week highs, supported by rebound in equities. Stocks on the Wall Street moved mostly higher during trading on Thursday, regaining some ground following the sell-off seen earlier in the week. The major averages have all moved to the upside, with the tech-heavy Nasdaq leading the way higher. The major averages finished the session off their best levels of the day but still firmly positive. The Nasdaq jumped 123.45 points or 1.1 percent to 11,082.00, the S&P 500 advanced 29.59 points or 0.8 percent to 3,963.51 and the Dow climbed 183.56 points or 0.6 percent to 33,781.48. COMEX copper is up 0.40% at $3.90 per pound. The commodity was also supported on rising Chinese imports. Chinas copper imports climbed in November. Imports of unwrought copper and copper products by China were 539,901.70 tonnes in November, up 5.8% on year, data from the General Administration of Customs showed. Powered by Commodity Insights