Copper breaks above $6 per pound amid supportive equities

Copper zoomed impressively as positive cues from equities and a stellar run in metals boosted the counter. COMEX Copper broke above $6 per pound and currently trades at $6.03 per pound, up 2.20% on the day. The metal has recorded good gains in last week. Meanwhile, Asian markets moved up with China's Shanghai Composite Index rallying 1.1% and the Hang Seng Index of the Hong Kong Stock Exchange gaining 1.44%. European markets are also supported in cautious trades. The US stocks moved mostly higher over the course of the trading day. The major averages all climbed firmly into positive territory, with the Dow and the S&P 500 reaching new record closing highs. For the first full trading week of the new year, the Dow added 2.3%, while the Nasdaq and the S&P 500 jumped by 1.9% and 1.6%, respectively. MCX Copper futures are trading at Rs 1316.10 per kg, up 2.72% on the day after hitting a high around Rs 1319 per kg.

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