Copper melts 2% as global growth worries hurt

COMEX Copper fell sharply on demand concerns as a pullback after recent spike continued for the metal. COMEX Copper futures are currently trading at $4.80 per pound, down 2% on the day. World Bank noted that global growth is expected to weaken to 2.3 percent in 2025, substantially weaker than previously projected amid the impact of higher trade barriers, elevated uncertainty, increased financial volatility, and weakened confidence. The downgrade to global growth this year is principally driven by advanced economies and would mark the slowest rate of global growth since 2008.

Meanwhile, in Asia, Chinese Shanghai Composite index added 0.42%. Hong Kong's Hang Seng index gained 0.84%. Japanese NIKEEI index rose 0.55%. European indices moved up modestly. The US stocks stayed supported amid ongoing US-China trade talks. Both sides confirmed they have struck a trade agreement, following two days of negotiations in London. The Dow gained 0.25%, the S&P 500 climbed 0.55%, and the Nasdaq added 0.63%.

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