18-Dec-2024

Base Metals Preview: Copper dips to three- week low

COMEX Copper futures extend downside to a three-week low on Wednesday morning in Asia tracking continued weakness in equities. The tech-heavy Nasdaq pulled back off yesterday's record closing high, while the Dow closed lower for the ninth straight session for the first time since 1978. The major averages climbed off their worst levels going into the close but remained in the red. The Dow slid 267.58 points or 0.6 percent to 43,449.90, the Nasdaq dipped 64.83 points or 0.3 percent to 20,109.06 and the S&P 500 fell 23.47 points or 0.4 percent to 6,050.61.The counter currently trades at $4.12 per pound, down 0.58% on the day as the focus shifts onto US Fed monetary policy meeting.

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