Base Metals Preview: Copper Up Nearly 1% In Asia

14 Oct 2022 , 09:09 AM

Copper futures were higher by nearly 1% on Friday, as equities in the US rebounded overnight and copper inventories reported slight dip after seeing steady climb since starting of the month. The Dow spiked 827.87 points or 2.8 percent to 30,038.72, the Nasdaq also surged 232.05 points or 2.2 percent to 10,649.15 while the S&P 500 jumped 92.88 points or 2.6 percent to 3,669.91. Copper futures were up 0.76% at $3.48 a pound. Prices were also boosted by signs that sanctions against Russia were beginning to cause a supply crunch, which is likely to boost the red metal in the coming days. Slight pull back in dollar also augured well for the commodity. Powered by Commodity Insights