COMEX Copper breaks under $5.20 per pound

COMEX Copper futures turned sharply lower today, giving up after hitting near three-month high as tepid equities weighed on sentiments. Market generally remained cautious after US President Donald Trump called a highly anticipated meeting with his Chinese counterpart Xi Jinping a great success on Thursday, saying the two leaders agreed to a deal which would see the US reducing tariffs on China from 57% to 47%. While this is a supportive news for metal prices in general, Copper seemed to be correcting following recent surge, tracking a firm US dollar. The metal currently trades down 1.60% at $5.17 per pound. Meanwhile, in Asia, China's Shanghai Composite index eased 0.77% while Hong Kong's Hang Seng index dipped 0.24%. Japan?s Nikkei 225 index closed flat. European stocks fell with German DAX sliding more than half a percent. The US equities showed volatile moves yesterday. The tech-heavy Nasdaq climbed 130.98 points or 0.6% to a new record closing high but the S&P 500 eased marginally. Dow fell 0.2%.

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