Copper tumbles around 2% as equities turn lower

COMEX copper fell sharply today as weak equities weighed on the metal. DXY is steady after the recent decline as the greenback gained safe haven demand amid re-escalation on Middle East conflict. The red metal is quoting at $6.21 per pound, down around 2% on the day. The counter has pulled back near one-week low with this slide. MCX Copper is also down 1% at Rs 1295.50 per kg. Meanwhile, Asian markets fell on worries over tech and AI counters. China's Shanghai Composite index fell 3%. Hong Kong?s Hang Seng index slipped 1.78%. Japan?s Nikkei average melted 4%. Korea?s KOSPI index tanked 6.40%. European stocks stayed slippery ahead of weekend. German DAX lost 0.75% on the day while French CAC tanked 0.88% on the day. Selling pressure in computer chipmakers dragged down US stock markets on Thursday, capping upside in Copper.

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