Copper tanks more than 2%

Copper futures cracked lower, giving up gains in last session as two-week highs above $5.60 per pound failed to sustain. Weak equities and worries over extended warfare in Middle-east weighed on the red metal. The COMEX Copper futures are currently down 2.16% at $5.52 per pound. MCX Copper lost 1.79% at Rs 1148.70 per kg though the counter has been mostly trading in a tight range after opening sharply lower. Asian shares slipped sharply, giving up gains in last session. China's Shanghai Composite index eased 0.74%. Hong Kong?s Hang Seng index slipped 0.70%. Japan?s Nikkei average tanked more than 2%. European stocks slumped today as German DAX lost 1.6% on the day. The US stocks moved mostly higher on Wednesday. The major averages all moved to the upside, with the tech-heavy Nasdaq gaining 1.16%.

Powered by Commodity Insights