COMEX Copper tanks around 4%

Copper futures tanked today as a sharp spurt in the US dollar index which broke above 99 mark on higher US Treasury yields hurt the metal after its recent spurt. COMEX Copper came off record highs and currently trades at $6.34 per pound, down 4% on the day. MCX Copper futures are also down 2.84% at Rs 1346.10 per kg. Equities fell today amid soaring crude oil prices. Asian stocks declined across the board on Friday with the losses led by Japan? Nikkei 225 Index that lost around 2%. European stocks tumbled today as soaring energy prices pulled down major indices around 1%. The US stocks saw excellent gains in last session as the US President Donald Trump called his bilateral talks in as very successful. However, Copper had dipped around 1% in last session as buying thinned out after the metal hit record highs.

Powered by Commodity Insights