MCX Copper melts 3% amid feeble global cues

COMEX Copper futures tumbled on the last session of April, shedding nearly 5% and giving up bulk of the recent gains as weak Chinese manufacturing sector weighed on sentiments. China's manufacturing purchasing managers? index fell to a 16-month low in April as the impact of tariffs started hitting producers. China's official April manufacturing PMI fell to 49.0 from 50.5, sliding in contraction territory. COMEX Copper has tanked following this, testing around one and half week low and currently quoting at $4.64 per pound, down around 4.87% on the day. The metal has lost nearly 8% this month. MCX Copper pared around 3% to trade at Rs 830 per kg. Meanwhile, in Asia, China's Shanghai Composite index closed down 0.23%. Hong Kong's Hang Seng index added 0.51%. Japanese markets gained 0.51%. European stocks were supported with German DAX adding 0.40%. The US stocks stayed largely supported on Tuesday. With the upward move, the S&P 500 closed higher for the sixth straight session, hitting its best closing level in almost a month.

Powered by Commodity Insights