COMEX copper slumped sharply by over 2.5% on Friday morning in Asia as dollar surged back near 99 mark amid improved data. The greenback trended higher against its major peers following the release of robust US Retail Sales data, which grew by 0.5% month-over-month in April. Meanwhile, positive cues from equities are likely to limit losses. In overnight equities, the Dow showed a strong move back to the upside during trading on Thursday, closing above 50,000 for the first time in three months. The Nasdaq and the S&P 500 also moved higher, adding to Wednesday's gains and once again reaching new record closing highs. The major averages all finished the day firmly positive but off their highs of the session. The red metal is currently quoting at $6.43 per pound, down 2.8% on the day.

Powered by Commodity Insights