Weekly Copper Review: COMEX futures fail to sustain above Rs 900 per kg

COMEX Copper futures stayed largely supported amid firm cues on demand front. Global manufacturing operating conditions improved to the greatest extent since June 2024 in August, as levels of output, new orders and employment all returned to growth. The J.P.Morgan Global Manufacturing PMI ? a composite index produced by J.P.Morgan and S&P Global Market Intelligence in association with ISM and IFPSM ? rose to 50.9 in August, from 49.7 in July, to signal a slight improvement in operating conditions. Copper scaled up five-week high near $4.70 per pound today but witnessed some resistance. However, supportive cues from Chinese equities and tepid moves in US dollar could cap downside for the red metal. Copper dipped around 1% in last week but had recorded an impressive 5.40% spike in August. MCX Copper futures broke above 900 per kg mark but witnessed consistent selling pressure thereafter, eventually pulling under the level on a weekly closing basis.

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