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Commodity News

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(24 Apr 2025, 09:06)

Base Metals Preview: Copper off 3-week high as dollar rebounds


Copper is seen coming off a three-week high on Thursday morning in Asia as dollar steadied around higher levels achieved during the course of trade yesterday. The dollar index is holding above 99 mark and reviving from a three –year low. Currently, the counter is quoting at $4.83 per pound, down 0.25% on the day. Meanwhile, IMF’s warning of potential impact of the trade tariffs imposed by U.S. President Donald Trump and caution against significant adverse effect on the world economy if the current trade tensions persist is weighing down the red metal. The International Monetary Fund in its latest World Economic Outlook report slashed the global growth forecasts for this year and next to 2.8% and 3% respectively. Overnight equities lost initial momentum but managed to end the day higher. The Nasdaq soared as much as 4.5 percent in early trading before pulling back but still closed up 407.63 points or 2.5 percent at 16,708.05. The S&P 500 also shot up 88.10 points or 1.7 percent to 5,375.86 and the Dow jumped 419.59 points or 1.1 percent at 39,606.57. MCX copper continues to stay supported above Rs 850 per kg.

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