MCX Copper up around 1% following sharp intraday reversal

COMEX Copper saw intense volatility today, sliding heavily in Asian trades in tune with equities and testing a four-week low under $5.60 per pound. Shanghai Composite index slumped 2.50% as property market worries weighed. Overall sentiments in Asian markets were tepid as Hong Kong's Hang Seng index lost 2.20%. With this slide, the Shanghai Composite index has slipped near four-week low. In other indices, Hong Kong's Hang Seng index lost 2.20% while Japanese Nikkei 225 index fell 1.25%. Copper cut losses thereafter though and currently trades at $5.87 per pound, down 0.75% on the day. MCX Copper futures are trading at Rs 1245.20 per kg, up 1.26% on the day, bouncing nearly Rs 100 per kg in intraday moves.

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