Mumbai, May 18 -- COMEX copper extends downside in early Asia on Monday after peaking to record high last week. The metal tanked as a sharp spurt in the US dollar index hurt the metal after its recent spurt. Moreover, profit taking and treasury yield spike led to a sharp pull back in US equities on Friday, dampening sentiments in the red metal. The Dow slumped 537.29 points or 1.1 percent to 49,526.17, the Nasdaq plunged 410.08 points or 1.5 percent to 26,225.14 and the S&P 500 tumbled 92.74 points or 1.2 percent to 7,408.50. Currently, the counter is quoting at $6.24 per pound, down almost 1%.
Published by HT Digital Content Services with permission from Capital Market....