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Base Metals Preview: COMEX copper futures erase previous day gains and falter over 1.5% in early Asia
01-Jul-2026 09:16

COMEX copper snapped previous day rally and slipped by over 1.5% on Wednesday morning in Asia as dollar regained momentum on the back of better than expected US data. Data released yesterday showed US job openings rose to a two-year high in May, indicating labor demand remained resilient despite signs of softer hiring. The US Dollar (USD) rebounds after a three-day losing streak, with the US Dollar Index (DXY) trading 0.11% higher to near 101.09. Meanwhile, a private survey showed that China's Manufacturing PMI edged down to a three-month low of 51.7 in June from 51.8 in May, though it remained slightly above expectations of 51.6. Currently, copper futures are trading at $6.15 per pound after having recovered to a one-week high in the previous session.

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