Copper supported, MCX futures hold around Rs 855 per kg

COMEX Copper futures moved up today, continuing to reflect a sideways trading pattern which has provided support to the metal on declines under $4.60 per pound. The counter currently trades at $4.64 per pound, up 1.15% on the day. A sustained drop in LME Copper inventories, which tanked to one-year lows is also supporting the red metal. Near term direction will still be dominated by the US-China trade talks and trend in equities. Meanwhile, in Asia today, China's Shanghai Composite index saw marginal gains while Hong Kong's Hang Seng index closed slightly lower. Japanese NIKEEI index lost 0.68%. European stocks turned modestly lower on Monday. The US stocks saw continued build up on Friday. The Dow added 0.8 percent while the S&P 500 climbed 0.7 percent. Nasdaq rose 0.5 percent as well. On the MCX, Copper futures moved up above Rs 850 per kg and held steady. The counter currently trades up 0.47% at Rs 855.75 per kg.

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