Copper crashes near two-week low

Copper tanked as a slide from recent highs continued amid risk-aversion in world markets. Israel launched a strike on Iran?s nuclear sites, triggering fears of a wider Middle East conflict pushed safe-haven buying across global markets. Media reports stated that Moscow has condemned Israel?s airstrike on Iranian territory today. Copper fell near $4.70 per pound amid these cues with weak equities pulling it near two-week low. The metal currently quotes at $4.73 per pound, down around 2% on the day. MCX Copper futures are currently trading at Rs 869 per kg, down 0.60% on the day. Meanwhile, in equities, Chinese Shanghai Composite index lost 0.75%. Hong Kong's Hang Seng index fell 0.59%. Japanese NIKKEI index tanked 0.89%. European indices stayed weak on tepid risk appetite globally. German DAX is down more than a percent. The US stocks stayed largely supported yesterday. The S&P 500 Index added 0.38%. The Dow and the Nasdaq 100 Index both gained 0.24%.

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