Base Metals Preview: Copper Seen Consolidating Near $3.52 Mark

27 Oct 2022 , 08:51 AM

Copper is consolidating gains in early Asia on Thursday following a sharp spike in the previous session buoyed by a weaker dollar amid hopes the pace of US interest rate hikes would slow down. Yesterday, copper climbed around 4% to $3.54 mark. Currently, the red metal is lingering lower by half a percent at $3.52 per pound tracing equities that gave up its winning streak overnight. The tech-heavy Nasdaq showed wild swings after an early sell-off before eventually ending the session down 228.12 points or 2.0 percent to 10,970.99. The S&P 500 also slid 28.51 points or 0.7 percent to 3,830.60, while the narrower Dow inched up 2.37 points or less than a tenth of a percent to a new one-month closing high of 31,839.11.Powered by Commodity Insights