Copper softens but holds above $5 per pound

COMEX Copper futures eased a bit today, coming off three-month highs as some corrective action saw seen on the last trading session of the month and quarter. The metal also tracked unrest on the geopolitical front. Media reports noted that Russia has fired more than 500 aerial weapons at Ukraine overnight that Kyiv described as the biggest air attack so far of the three-year war. Equities were mixed amid this. In Asia, Chinese Shanghai Composite index gained 0.59% on trade deal hopes. Hong Kong's Hang Seng index fell 0.87%. Japanese NIKEEI rose 0.84% to hit 11-month highs. European stocks saw cautious moves on Monday as Russia-Ukraine war continued to escalate. The US stocks showed wild swings on Friday but ended on positive note with the S&P 500 and the Nasdaq ending at new record closing highs. COMEX Copper fluctuated after recent surge and currently trades at $5.08 per pound, down 0.84% on the day. The metal is up around 8.60% for the month. MCX Copper futures are currently trading at Rs 892.80 per kg, down marginally on the day after hitting near Rs 895 per kg mark.

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