COMEX Copper hits one-week high, still down around 2% in June

COMEX Copper futures saw excellent gains today as supportive equities boosted the red metal. COMEX Copper is currently trading at $6.26 per pound, up 1.56% on the day and consolidating near one-week high. Asian shares were mixed today. China's Shanghai Composite index moved up 50% while Hong Kong’s Hang Seng index eased 0.59%. Japan’s Nikkei average jumped 0.86% on weakness in Yen and broke above 70000 mark. European stocks gained steadily with German DAX soaring more than 1%. The US markets moved up in last session as US-Iran diplomatic talks resumed, boosting major indexes. Nasdaq led with a 2% gain. Dow Jones rose 0.59% while the S&P 500 Index gained 1.18%.

Copper also eyed firm cues from China. China's official manufacturing PMI landed at 50.3 in June, above the neutral 50 mark and up from the previous month's 50.0, the country's National Bureau of Statistics (NBS) said on Tuesday. The non-manufacturing PMI stood at 50.2, edging up slightly from 50.1 registered in the previous month, while the official composite PMI, which includes both manufacturing and services, also rose to 50.6 against the previous 50.5.

COMEX Copper is down around 2% this month.

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