Copper tanks more than 1% amid weak equities

COMEX copper futures slipped after hitting around three-week high equities fell today. The US dollar is regaining ground on safe haven demand amid uncertainty over US-Iran ceasefire. Traders remained cautious after renewed Israeli strikes on Lebanon raised doubts about the durability of a fragile two-week Middle East ceasefire agreed upon by the US and Iran. Meanwhile, the World Bank projects China's economic growth will slow to 4.2% in 2026 and 4.3% in 2027. Rising LME and Shanghai Copper inventories also weighed and the red metal is trading at $5.70 per pound, down around 1.25% on the day. MCX Copper futures currently trade at Rs 1184.05 per kg, down 0.31% on the day. Meanwhile, in Asia, China's Shanghai Composite index eased 0.72%. Hong Kong?s Hang Seng gave up 0.54%. Japan?s Nikkei average dropped 0.73%. European markets also slipped after massive gains in last session.

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