Copper records good gains, MCX futures near Rs 980 per kg mark

COMEX Copper futures soared today as markets eyed weak US dollar index amid soaring US equities. The metal broke above $5 per pound to test two-month high and currently trades at $5.01 per pound, up 1.30% on the day. The Global Manufacturing PMI, sponsored by J.P. Morgan and compiled by S&P Global Market Intelligence, registered 50.8 in September from 50.9 in August. Although dipping slightly at the end of the third quarter, the past two months have seen the highest back-to-back PMI readings since June 2024 to indicate one of the best spells for the sector since the pandemic. This augurs well for Copper. Meanwhile, the US stocks added to recent gains in last session. The major averages ended higher for the fifth straight session, reaching new record closing highs. MCX Copper futures are trading at Rs 979.30 per kg, up 2.26% on the day.

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