COMEX Copper up reverses yesterday's gains, falls more than 1%

COMEX Copper pulled back on selling in Chinese equities and tepid economic cues from Europe. The red metal currently quotes at $6.26 per pound, down 1.10% on the day after zooming up nearly 2% in last session. Chinese stock markets fell sharply today as Shanghai Composite Index lost around 2% to close at 4077 ? testing near three-week low. Chinese markets eyed currency market moves as China?s central bank set the yuan?s daily reference rate against the US dollar at its strongest level in more than three years. Meanwhile, in Europe, Eurozone Composite PMI slipped to 47.5 in May from 48.8 in April and stayed below the 50.0 no-change mark for the second successive month. MCX Copper futures also turned lower as highs around Rs 1250 per kg capped upside. The counter currently trades down 0.83% at Rs 1340.85 per kg.

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