Base Metals Preview: Copper Supported By Positive Equities

8 Sep 2022 , 09:16 AM

Copper cheers in line with positive equities overnight amid a pullback by treasury yields. US major averages all showed strong moves to the upside, with the tech-heavy Nasdaq snapping a seven-session losing streak. The major averages finished the session just off their best levels of the day. The Dow jumped 435.98 points or 1.4 percent to 31,581.28, the Nasdaq soared 246.99 points or 2.1 percent to 11,791.90 and the S&P 500 surged 71.68 points or 1.8 percent to 3,979.87. Meanwhile a continued decline in copper stockpiles is supporting the red metal. COMEX copper is up more than half a percent at $3.46 per pound. Powered by Commodity Insights