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Commodity News

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(24 Feb 2025, 09:01)

Base Metals Preview: Copper at two-week low


COMEX Copper futures are lingering around a two-week low on Monday morning in Asia as soaring inventories globally and worries over trade frictions hurt the sentiments. Some worries have emerged over issue that Chinese researchers have found a new bat coronavirus which has the potential to infect humans as it uses the same cell-surface protein to infiltrate cells as the SARS-CoV-2 virus that caused Covid-19. The counter fell towards $4.5l per pound, hitting its lowest level since Feb10. Meanwhile, US equities witnessed sell off on Friday with the Dow down 748.63 points or 1.7 percent to 43,428.02, the Nasdaq dove 438.36 points or 2.2 percent to 19,524.01 and the S&P 500 slumped 104.39 points or 1.7 percent to 6,013.13. The major averages also moved sharply lower for the holiday-shortened week. The Dow and the Nasdaq both plummeted by 2.5 percent, while the S&P 500 tumbled by 1.8 percent.

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