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Base Metals Preview: COMEX copper slides by over 4% under $6 per pound mark; MCX futures slip under Rs 1300 per kg
01-Feb-2026 08:56

Copper futures slumped alongside other metals as dollar showed renewed strength after President Trump's nomination of Kevin Warsh to succeed Jerome Powell as Federal Reserve chair. DXY climbed above 97 mark. Meanwhile, negative cues from equities also weighed on the counter. After recovering from an early sell-off to end Thursday's session mixed, the major averages all finished the day firmly in negative territory. The tech-heavy Nasdaq led the way lower, slumping 223.30 points or 0.9 percent to 23,461.82, while the Dow slid 179.09 points or 0.4 percent to 48,892.47 and the S&P 500 fell 29.98 points or 0.4 percent to 6,939.03. Meanwhile, the major averages turned in a mixed performance for the week. While the S&P 500 rose by 0.3 percent, the Nasdaq dipped by 0.2 percent and the Dow decreased by 0.4 percent. The counter ended at $5.96 per pound, down 5% on Friday. MCX copper futures slipped under Rs 1300 per kg mark.

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