Base Metals Preview: Copper rallies above $6 per pound as equities soar

COMEX Copper futures jumped to the highest level in five weeks as equities surged on optimism that the US and Iran will restart peace talks. The US stocks rallied Monday and recovered the last of their losses caused so far by the US-Iran war. The S&P 500 rose 1%, the Dow added 0.6%, and the Nasdaq composite climbed 1.2%. This pushed up global equities today and Asian indices ended with handsome gains. Japan?s Nikkei rallied 2.43% while China?s Shanghai Composite added 1%. In Europe too, German DAX led the gains with a near 1% rally. Copper broke above $6 per pound on these cues, adding to recent gains and is currently up 1% at $6.05 per pound. MCX Copper rallied yesterday as futures moved above Rs 1200 per pound mark convincingly. The counter closed at Rs 1213 per kg, up 2.13% on the day.

Powered by Commodity Insights