COMEX Copper tanks near $6.20 per pound

COMEX Copper futures turned lower today, giving back modest gains in last session and dipping towards $6.20 per pound. The metal currently trades down 1.41% at $6.23 per pound ? lingering around one and half week low. The overall mood in equities was steady today. In Asia, China's Shanghai Composite index gained 0.92% while Hong Kong?s Hang Seng index added 0.48%. Japan?s Nikkei average eased 0.44%. European stocks rose with major indices soaring around 1%. Copper traders eyed steady global supplies after mining major Glencore said it does not expect immediate production impacts following a Chilean environmental tribunal ruling regarding the Collahuasi copper mine. On MCX, Copper futures are down 0.25% at Rs 1344.85 per kg after rising around Rs 1248 per kg as the INR tanked to another record low against the US dollar today.

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