COMEX Copper holds around $5 per pound

COMEX Copper futures managed to hold above $5 per pound amid steady cues from equities and hopes of rising demand as World Bank is now expecting China to grow 4.2% next year, after forecasting a rate of 4% in April. The red metal currently trades at $5.05 per pound, up 0.71% on the day and is consolidating near two-month high. LME Copper inventories continue to turn lower and are currently at two-month low, providing a good support to the metal. On MCX, Copper futures are trading at Rs 993.80 per kg, up half a percent on the day. In Asia, Japan?s Nikkei average hit a new peak before giving up all gains to end on a flat note today. Key Asian markets, including China, Hong Kong and South Korea remained closed for holidays. European stocks eased marginally. The US stocks stayed supported on Monday. With the upward move, the Nasdaq and the S&P 500 reached new record closing highs.

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