Copper lingers near three-week top, LME Copper inventories down 16% in last one month

COMEX Copper futures stayed near three-week high despite equities offering mostly downbeat cues today. The metal is being well supported due to falling LME Copper inventories which have shed around 16% in last one month and currently linger around lowest in four and half months. The counter currently quotes at $6.38 per pound, up 0.65% on the day. MCX Copper is up 0.32% at Rs 1315.90 per kg. Meanwhile, in Asia, China's Shanghai Composite index slumped 1.85% to test its lowest mark in three and half months. Hong Kong?s Hang Seng index scaled up 1.23%. Japan?s Nikkei average tanked 2.79% to test one-week low. European stocks fell today. German DAX is down 0.61% on the day while French CAC lost 0.65% on the day. Risk sentiment remained lax despite steady overnight cues from the US equities as markets continue to eye US-Iran tensions. Yesterday, the US stocks edged higher Wednesday following strong updates from financials.

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