Copper spikes around 2% as markets eye tight inventories

COMEX copper soared to fresh record high levels as markets eyed tight inventories and lax US dollar. The red metal is quoting at $6.81 per pound, up 1.90% on the day. Equities are mixed. Asian markets mostly fell though China's Shanghai Composite index rose 0.20%. Hong Kong?s Hang Seng index eased 0.38% while Japanese Nikkei index slumped 1.70% on strength in Yen. European stocks continue to see flat action. US markets were closed yesterday due to a public holiday. Markets are increasingly worried about falling Copper inventories. Shanghai Futures Exchange (SHFE) inventories have fallen to around 63,000 tonnes, testing the lowest level since January 2024. On LME, there has been an uptick in copper inventories recently though the storage is still just above lowest in six-months. MCX Copper has broken above Rs 1400 per kg following this and currently trades at Rs 1406.65 per kg, up 1.44% on the day.

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