Base Metals Preview: Copper Reverses Under $3.50 Mark

7 Sep 2022 , 09:02 AM

Copper futures are paring gains on Wednesday tracking lower equities overnight. The major averages finished the session at their worst closing levels in well over a month. The Dow fell 173.14 points or 0.6 percent to 31,145.30, the Nasdaq slid 85.96 points or 0.7 percent to 1,544.91 and the S&P 500 dipped 16.07 points or 0.4 percent to 3,908.19. Meanwhile, worsening energy crisis in Europe and signs of a slowdown in manufacturing amid re-imposition of lockdown measures in China is weighing down the red metal alongside other industrial metals prices. COMEX copper futures are trading down more that 1% at $3.41 per pound. Powered by Commodity Insights