MCX Copper soars more than 1% amid firm global cues

COMEX Copper futures spiked today, recording impressive gains as markets hoped for steady demand from China. Extremely weak movement in the US dollar also boosted the counter. The red metal currently trades at $4.75 per pound, up 1.80% on the day. A sustained pullback in LME Copper inventories over last few days is also being eyed by market participants. Copper rose despite muted cues from global equities today. China will continue to empower the world economy with high-quality development and high-level opening-up, providing a new key impetus for global economic recovery and development, Mao Ning a spokesperson for the Chinese Foreign Ministry (FM) said today, according to media reports. The US dollar index currently trades down 0.57% at 103.37- lingering near four month low and keeping commodities well supported. MCX Copper futures also jumped 1.15% to trade at Rs 886.20 per kg.

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