Base Metals Preview: Copper Struggles To Recover, COMEX Futures Near $3.40 Levels

12 Jul 2022 , 09:21 AM

Persistent recession worries coupled with China fighting covid-19 flare-ups on multiple fronts across the country including an emerging cluster in Shanghai and spurring mass testing drives and fresh restrictions is keeping copper prices under pressure. Copper for delivery in September fell 0.40% to $3.40 per pound. Asian stock markets are trading mostly lower on Tuesday, following the broadly negative cues from global markets overnight. On Wall Street, stocks showed a significant move to the downside during trading on Monday following the lacklustre performance seen last Friday. The major averages all ended the day firmly in negative territory, with the tech-heavy Nasdaq leading the way lower. Powered by Commodity Insights