MCX Copper breaks above Rs 1300 per kg as INR melts

COMEX Copper futures held up steady today though weak equities capped gains. The metal currently trades at $5.84 per pound, up 0.85% on the day after some stability emerged in the counter following recent losses. However, bulk of the gains are due to steady global growth forecast amid tepid US dollar as equities are under stress. In Asia, Shanghai Composite index edged up marginally while Hong Kong's Hang Seng index added 0.37%. Japanese Nikkei 225 index eased 0.41% amid sustained selling pressure. European stocks stayed cautious. German DAX shed around half a percent. The US stocks slumped amid renewed concerns about a trade war between the US and Europe over President Donald Trump's efforts to take control of Greenland. The Dow lost 1.8%; the Nasdaq plummeted 2.4% and the S&P 500 tumbled 2.1%. MCX Copper futures gained sharply, breaking above Rs 1300 per kg and currently trade at Rs 1304.50 per kg, up 1.50% on the day as the Indian Rupee tanked to a fresh record low against the US dollar.

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