MCX Copper holds steady around Rs 865 per kg

COMEX Copper futures pulled back towards one-week low of $4.65 per pound but pushed up amid supportive cues from European equities. The red metal is currently trading at $4.70 per pound, up 0.70% on the day. The sustained drop in LME Copper inventories is keeping the metal elevated this month following a more than 8% tumble in April. Meanwhile, in Asia today, China's Shanghai Composite index rose 0.70% while Hong Kong's Hang Seng index gained 1.35%. Japanese NIKEEI index zoomed 1.90% to hit a two-week top. European indices edged up modestly. The US stocks eased across the board yesterday. The Dow declined 0.6%, the Nasdaq fell 98.23 points or 0.5% and the S&P 500 slid 0.6%. On the MCX, Copper futures are trading at Rs 865.50 per kg, up 0.33% on the day.

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