MCX Copper hits Rs 900 as global prices hit ten month high

COMEX Copper futures spiked today, adding to latest upmove as as optimism about a ceasefire in Ukraine boosted the mood. Copper recorded 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 $4.88 per pound, up 2.37% on the day. A sustained pullback in LME Copper inventories over last few days is also being eyed by market participants. European stocks soared today, recording across the board gains. German DAX spiked 1.50% while French CAC gained 1.20%. On the MCX, Copper futures hit Rs 900 per kg and currently trade at Rs 899.30 per kg, up 1.23% on the day.

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