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Base Metals Preview: COMEX copper down over 1% tracking negative cues from equities
28-Feb-2025 09:09

COMEX copper failed to hold on the week's positive uptick and is staying largely flat on the week at $4.57 per pound and down over 1% on the day. The red metal had rallied close to 4% during the week after the US President Donald Trump signed an Executive Order launching an investigation into how copper imports threaten America's national security and economic stability. Nevertheless, deep losses in US equities overnight led decline in the commodity. The tech-heavy Nasdaq posted a particularly steep loss, plunging 530.84 points or 2.8 percent to a nearly four-month closing low of 18,544.41. The S&P 500 also slumped 94.49 points or 1.6 percent to a one-month closing low of 5,861.57, while the narrower Dow fell 193.62 points or 0.5 percent to a one-month closing low of 43,239.50.

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