Copper in red after sharp gains in last session

COMEX Copper futures eased a bit from one and half week highs today. The red metal is reacting to the recent spike in LME Copper inventories while lack of cues from Chinese markets keeps overall undertone lax. COMEX Copper futures are currently trading at $5.83 per pound, down 0.09% on the day. The counter had raced up 1.75% in last session. Meanwhile, in Asia, Hong Kong?s Hang Seng index spiked 2.5% while overall action in Asia was thin as markets in China and Japan remained closed for a holiday. European stocks eased modestly. The US stocks edged up in volatile moves on Friday. After recovering from an initial move to the downside, stocks fluctuated over the course of the trading session on Friday but largely maintained a positive bias.

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