Commodity

COMEX Copper futures are recovering in early Asian trades following a pullback near $4.40 per pound as a drop from 20 month highs extended. The rebound partially came on the back of sliding stocks in LME registered warehouses, which at 121,200 tonnes have dropped more than 35% since October last year. Positive cues from equities are also supporting the red metal. The Dow settled with a gain of 263.71 points or 0.69 percent at 38,503.69. The S&P 500 climbed 59.95 points or 1.2 percent to 5,070.55, while the Nasdaq gained 245.33 points or 1.59 percent to settle at 15,696.64. Meanwhile, according to media reports flourishing activity in the electric vehicle, power infrastructure, AI and automation sectors will lead to at least 10 million metric tons of additional copper consumption over the next decade. Currently, COMEX copper futures are up 0.77% on the day at $4.46 per pound.

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