Copper shows signs of exaustion

COMEX Copper futures pulled back today, giving up some of the recent gains as a break under $5 per pound weighed on the sentiments. The metal currently trades at $4.93 per pound, down 1.54% on the day amid mostly tepid cues from equities. In Asia, China's Shanghai Composite index closed flat while Hong Kong's Hang Seng index ended marginally lower. Japan?s Nikkei 225 index soared 1.27%, building onto gains in last session. European stocks eased modestly. MCX Copper is quoting flat around Rs 992 per kg. Weakness in the US dollar index did not support Copper much. Meanwhile, mining major Freeport McMoRan Inc. plans to break away from the benchmark pricing system, media reports noted.

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