Copper gains steadily, COMEX futures hold above $4.80 per pound

COMEX Copper futures saw good gains today as a break above $4.80 per pound mark managed to hold despite worries over geopolitical front. In Asia, Chinese Shanghai Composite index closed slightly higher. Hong Kong's Hang Seng index tumbled 1.12%. Japanese NIKEEI index gained 0.90%, adding to latest wins and hit a four-month high. European indices are witnessing cautious moves. The metal currently quotes at $4.85 per pound, up 0.86% on the day. Meanwhile, broad undercurrent in risky assets is likely to be watchful as Israel launched a fresh wave of strikes on Tehran Wednesday. Yesterday, the US President Donald Trump demanded unconditional surrender from Iran, triggering a sharp slide in the risk appetite and pulling down US equities. Copper also fell half a percent on the day. MCX Copper futures are currently trading at 881.55 per kg, up 0.20% on the day after hitting a high of Rs 883.30 per kg.

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