Heavy selling hurts Copper, MCX Copper falls under Rs 900 per kg

COMEX Copper futures fell sharply today, sliding near one-week low as caution prevailed ahead of the US Federal Reserve meeting outcome. Markets also eyed rising global Copper supplies as Anglo American and Chile?s state-owned copper company Codelco announced that they have finalized an agreement to jointly operate copper mines in Chile, which have at least US$5 billion in value. Geopolitical worries also escalated as Israel launched a sweeping ground offensive in Gaza City. COMEX Copper is currently down 1.70% at $4.61 per pound, easing from a six-week high. Meanwhile, in Asia, China's Shanghai Composite index added 0.37%. Hong Kong's Hang Seng index soared 1.80% amid solid gains in tech counters. Japan?s Nikkei index eased 0.25%. European stocks edged up modestly. The Nasdaq and the S&P 500 reached new record intraday highs yesterday but ended on a flat note. On MCX, Copper futures are down 1.40% at Rs 902.75 per kg after falling under Rs 900 per kg mark for a while.

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