Copper near two-week low, MCX futures upside capped around Rs 1200 per kg

COMEX Copper futures consolidated around two-week low just under $5.80 per pound. The red metal has eased amid Chinese demand worries and elevated LME inventory this week but found some stability amid supportive cues from equities today. The metal currently trades at $5.79 per pound, down 0.16% on the day. MCX Copper is also down 0.26% at Rs 1191.70 per kg. Highs around Rs 1200 per kg capped upside for the metal and selling has intensified in afternoon trades. Meanwhile, Asian stocks were supported ahead of weekend. China's Shanghai Composite index rose 0.38%. Hong Kong?s Hang Seng index jumped 1.72% as tech earnings supported the mood. Japan?s Nikkei average soared 0.62%. European stocks edged up marginally. The US stocks stayed under pressure. Equities tumbled with Dow plunging 1.6%. The US-Israeli attacks against Iran continued to weigh on sentiments.

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