Copper fails to sustain above $5 per pound

Copper is failing to sustain above $5 per pound amid weakness in equities and worries over near term Chinese demand trend. China?s imports of unwrought copper and products dropped to 438,000 metric tons in October from 485,000 tons a month earlier, recording 9.7% tumble. Meanwhile, in Asia, China's Shanghai Composite index eased 0.25% while Hong Kong's Hang Seng index tanked 0.92%. Japan's Nikkei average also dipped 1.20%. European stocks saw mixed moves but overall mood remains tepid. The US stocks eased yesterday on selling pressure in tech counters. The Nasdaq tumbled around 1.9%, the S&P 500 slumped 1.1% while Dow fell 0.8%. COMEX Copper quotes at $4.96 per pound right now, down 0.02% on the day. MCX Copper is at Rs 1001.60 per kg, up 0.15% on the day after failing to sustain around Rs 1004 per kg mark.

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