Strength in INR caps local Copper futures

Copper futures stayed supported amid steady cues from equities today though worries over Chinese equities can cap upside in near term. The red metal currently trades at $6.78 per pound, up around 1.26% on the day and hovering near two-week top. In Asia, China stocks slipped on Monday. The Shanghai Composite Index, a benchmark of large mainland companies, fell 0.43% to a two-month low. Overall market mood in Asia was slack as Japanese markets were shut for a holiday. In Hong Kong, the Hang Seng index edged up by 0.25%. European stocks rose modestly with major indices adding around half a percent. The US stocks surged Friday as Crude oil prices eased and risk sentiment generally remained supported. Meanwhile, strength in Indian Rupee weighed on local Copper futures as MCX Copper is flat at Rs 1427.15 per kg.

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