Copper edges above $5.50 per pound

COMEX Copper futures edged up today, rising in tune with precious metals as equities tried to stabilize. In Asia, China's Shanghai Composite index added 0.24%. Hong Kong?s Hang Seng index fell 0.81%. Japan?s Nikkei average tanked 2.79% after heavy intraday losses. European stocks are mixed amid lack of major economic cues. US stocks moved sharply lower on Friday, adding to the steep losses posted in the previous session. The major averages tested around eight-month low. NASDAQ lost 2.15%. Copper has seen steady moves despite this meltdown in US equities and moved up above $5.50 per pound today. It currently trades up 0.36% at $5.51 per pound. MCX Copper futures are trading at Rs 1156.20 per kg, up 0.50% on the day with INR?s record slide above 95 per US dollar boosting the metal further.

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