Copper is extending sharp slide on Monday morning in Asia as the red metal tumbled on Friday from a two and half month highs to ease below $4.40 per pound despite positive cues from equities. The Nasdaq surged 291.91 points or 1.5 percent to 19,630.20, the S&P 500 jumped 59.32 points or 1.0 percent to 5,996.66 and the Dow climbed 334.70 points or 0.8 percent to 43,487.83. The counter was headed for its longest winning streak since 2017, as fresh economic data from China brightened the demand outlook in the top metals-consuming nation. Data released Friday showed China's gross domestic product in 2024 expanded 5%. The country's industrial production and retail sales also beat estimates and home prices declined at a slower rate in December, reflecting signs of stabilisation in the property sector, a pillar of demand for industrial metals from copper to steel. Recent drop in LME Copper inventories also kept Copper supported and the counter is currently quoting at $4.33 per pound, down 0.80% on the day. Powered by Commodity Insights |