Copper drifts lower by more than 1%, equities ease on soaring yields

COMEX Copper futures corrected today after recording modest gains in last session as soaring treasury yields weighed on risky assets. In Asia, China's Shanghai Composite index eased 0.16%. Hong Kong?s Hang Seng index lost 0.93% while Japanese Nikkei index fell 0.15%. European stocks slipped with major indices sliding around 1%. Yesterday, the US equities however ended the day in negative as the key 10-year bond yield hit around 20-month high. COMEX Copper futures are currently quoting at $6.61 per pound, down 1.20% on the day. MCX Copper futures also fell 1.05% at Rs 1375.10 per kg after testing a low under Rs 1370 per kg. Open interest in the counter is down modestly today.

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