Base Metals Preview: Copper Retreats From Near Two-Month High

24 Aug 2022 , 08:55 AM

Copper retreated in early Asia on Wednesday from a near two -month high held in the previous session tracking gains in greenback. Sharp decline in US stocks amid worries of economic slowdown and tighter interest rates after data showed U.S. business activity dropped for a second straight month and the fastest pace as well since May 2020 too weighed on the base metal. The Dow ended down 154.02 points or 0.47 percent at 32,909.59 and the S&P 500 settled lower by 9.26 points or 0.22 percent at 4,128.73. The Nasdaq outperformed and ended flat at 12,381.30, less than 0.3 points down from the previous close. However, copper inventories holding at two month low is keeping the metal from sharp decline. COMEX copper is trading down 0.42% at $3.66 per pound. Powered by Commodity Insights