Base Metals Preview: COMEX copper attempts recovery in early Asia; DXY above 100 likely to limit gains
Mumbai, June 8 -- COMEX copper futures are attempting recovery after having slumped by nearly 4% on Friday. Dollar index spiked above 100 for the first time in two months following a strong jobs data, driving sooner than expected rate hike by Fed. The red metal is seen pressured amid prolonged Middle East conflict and the near-closure of the Strait of Hormuz which concerns global growth expectations. Besides, expectations for tighter monetary policy in response to an energy-driven inflation shock also weigh on demand prospects. Meanwhile, an extended sell-off on Wall Street also added immense pressure on the red metal which ended the week at $6.28 per pound. The Nasdaq plunged 1,121.53 points or 4.2 percent to 25,709.43, the S&P 500 tumbled...
Click here to read full article from source
इस लेख के रीप्रिंट को खरीदने या इस प्रकाशन का पूरा फ़ीड प्राप्त करने के लिए, कृपया
हमे संपर्क करें.