17-Jan-2025

Base Metals Preview: COMEX copper extends upside momentum in early Asia

COMEX copper extends recent momentum amid pullback in dollar overseas although weak cues from equities could limit sharp gains in the counter. The tech-heavy Nasdaq ended the day more firmly in the red amid a slump by shares of Apple (AAPL), sliding 172.94 points or 0.9 percent to 19,338.29. The Dow and the S&P 500 posted more modest losses. The Dow dipped 68.42 points or 0.2 percent to 43,153.13 and the S&P 500 slipped 12.57 points or 0.2 percent to 5,937.34.. The red metal is currently trading at $4.46 per pound, up half a percent on the day. Meanwhile, OPEC stated in a monthly update that its base metal index declined for a second consecutive month in December, falling by 1.5%, m-o-m. Metal prices were mixed in December amid mounting pressure from a stronger US dollar, a slowdown in China's exports and a retraction in global industrial activity. The global manufacturing PMI fell below expansionary territory in December, after trending upwards for two consecutive months, to 49.6, down from 50.0 in November, a 0.9% decline, m-o-m.

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