Base Metals Preview: Copper Sees Tight Action Amid Heavy Slide In US Equities

4 Feb 2022 , 09:01 AM

The COMEX Copper futures stayed locked in a choppy range amid heavy selling in the US stocks on Thursday. The US equities snapped a four-day winning streak, as disappointing earnings news and weak revenue guidance from Facebook parent Meta triggered widespread selling. The major averages all ended with sharp losses. The Dow ended down by 518.17 points or about 1.45 percent at 35,111.16. The S&P 500 declined 111.95 points or 2.44 percent to 4,477.43, while the tech-laden Nasdaq settled at 13,878.82, down 538.73 points or 3.74 percent. However, a steep decline in the US dollar index capped losses for Copper as the metal neared $4.50 per pound mark in Asia today. MCX Copper futures closed at Rs 754 per kg, down 0.38% on the day.

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