Copper Crashes 1%, Heavy Losses Emerge In European Equities

21 Oct 2022 , 05:09 PM

COMEX Copper slipped after witnessing good gains in last session as weak equities capped upside in the metal. The commodity currently trades at $3.37 per pound, down 1% on the day. Asian stocks eased further today with undertone bearish ahead of weekend. European shares saw heavy losses. The German DAX index fell 1.50%. The DOW saw a solid intraday correction as a one month high mark triggered profit selling. The red metal also eyed weak US economic prospects. Suggesting a recession is increasingly likely before yearend, the Conference Board released a report on Thursday showing a slightly bigger than expected decrease by its index of leading U.S. economic indicators in the month of September. The Conference Board said its leading economic index fell by 0.4 percent in September after revised data showed the index was unchanged in August. The index is down 2.8 percent over the six-month period between March and September 2022, representing a reversal from the 1.4 percent growth over the previous six months.Powered by Commodity Insights