MCX Copper supported as INR tanks to fresh record low near 93.70 per US dollar

COMEX Copper futures stayed under stress amid weak equities and constant worries over demand outlook owing to the ongoing war. The counter currently trades at $5.46 per pound, down marginally on the day and has lost around 5% this week. The metal sank in tune with other industrial commodities yesterday and soaring LME Copper inventories are bound to cap upside. MCX Copper futures are trading at Rs 1118 per kg, up 0.54% on the day though as weak Indian Rupee pushed up local futures. INR tested record low of 93.75 per US dollar today. Meanwhile, in Asia today, China's Shanghai Composite index fell 1.21%, adding to recent losses. Hong Kong?s Hang Seng index shed 0.88%. Japan?s Nikkei average lost more than 3% and has lost more than 10% from its record high now. European stocks eased modestly ahead of weekend. The US stocks turned mostly lower during trading on Thursday with the Nasdaq hitting a six-month intraday low.

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