Copper made good recovery, regaining above $4 mark on Friday morning in Asia tracking a surge in global equities amid fading fears of a recession in US. The rally on Wall Street came after the Labor Department released a report showing first-time claims for U.S. unemployment benefits pulled back by more than expected in the week ended August 3rd. The Nasdaq soared 464.22 points or 2.9 percent to 16,660.02, the Nasdaq spiked 119.81 points or 2.3 percent to 5,319.31 and the Dow jumped 683.04 points or 1.8 percent to 39,446.49. However, sustained rise in copper inventories and uptick in dollar index could limit gains in the counter. Currently, COMEX copper is quoting at $4.02 per pound, up 1.5% on the day but set for a weekly fall.

Powered by Commodity Insights