Copper corrects around 1%

COMEX Copper futures fell around 1% today as some corrective action was seen in the metal after a spike to two-month high above $5 per pound. Geopolitical worries stay in place after media reports noted that Russia said the Ukraine war existential for its future and launched a series of retaliatory drone and missile strikes. In Asia, Chinese Shanghai Composite index edged up marginally. Hong Kong's Hang Seng index jumped 1%. Japanese NIKEEI index eased half a percent. European indices saw subdued trades ahead of weekend. The US stocks turned lower yesterday. Tech-heavy Nasdaq fell 0.8% while S&P 500 eased 0.5%. The Dow also dipped 0.3%. MCX Copper futures are trading at Rs 877.70 per kg, down 0.28% on the day.

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