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28 Aug 2024 08:58
Base Metals Preview: Copper pulls back from 5-week high

COMEX Copper futures pulled back from around a five week high on Wednesday morning in Asia amid choppy moves in overnight equities. Despite the choppy trading, the Dow crept up to a new record closing high. The Dow inched up 9.98 points or less than tenth of a percent to 41,250.50, the Nasdaq rose 29.05 points or 0.2 percent to 17,754.82 and the S&P 500 edged up 8.96 points or 0.2 percent to 5,625.80. The red metal was boosted to an over one month high amid supportive cues from China and dollar index lingering around 100 mark. China's industrial profits increased at a faster pace in the January to July period, data from the National Bureau of Statistics showed on Tuesday. Industrial profits posted an increase of 3.6 percent in the first seven months of 2024. This was slightly faster than the 3.5 percent growth registered in the January to June period. COMEX Copper futures are currently trading at $4.20 per pound, down 0.68% on the day.

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