Copper turns lower after latest surge

COMEX Copper futures turned lower after recent surge to two-month high as some profit selling emerged in the metal. Equities largely held steady but the US dollar index spiked above 98 mark to hit one-week high. This pulled Copper down and COMEX futures are currently trading at $5.05 per pound, down 1.09% on the day. MCX Copper also hit Rs 1000 per kg before pulling back. Meanwhile, in Asia, Japanese stocks hit a record high after the country's ruling Liberal Democratic Party (LDP) named Sanae Takaichi as its new leader, positioning the pro-business politician to be Japan's next prime minister. The benchmark Nikkei 225 index closed 4.75% higher on Monday, ending the day above 47,000 for the first time. European stocks eased amid political worries. The Dow and the S&P 500 ended higher for the sixth consecutive session, hitting new record closing highs on Friday. The major averages posted strong gains for the week. The Nasdaq surged by 1.3%, while the Dow and the S&P 500 both jumped by 1.1%.

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