17-Jan-2025
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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