Copper Corrects More Than 1%, Equities Slip

27 Oct 2022 , 05:12 PM

COMEX Copper futures eased from a three week top today, sliding on weak equities and a modest bounce in the US dollar index. The red metal had surged yesterday, breaking above $3.50 per pound mark following the recent drop in LME Copper inventories. However, the prices slipped today and the metal currently quotes at $3.50 per pound, down 1.16% on the day. Asian stocks witnessed modest selling pressure as equities fell in China and Japan. European shares slipped. The German DAX index lost around half a percent while the French CAC dipped 0.73%.The US stocks paused after recent rally and saw a heavy selloff in the tech counters. The US dollar index rose from its five week low and currently quotes at 109.90, up 0.32% on the day. Powered by Commodity Insights