Copper tanks to one-week low, equities see heavy slide in Asia

COMEX Copper futures tanked today as weak equities clubbed with worries posed by a rising surplus in global refined Copper markets weighed on the sentiments. The counter currently trades at $6.57 per pound, down 1.36% on the day and testing around one-week low. The metal has lost around 2% this week so far. Meanwhile, Asian markets fell heavily. The Shanghai Composite Index melted 1.59%, adding to recent losses. In Hong Kong, the Hang Seng index fell 1%. South Korea?s KOSPI index melted around 7.60%. Japan?s Nikkei 225 Index plunged 4.9% to close at 64,426 on Thursday, marking its biggest one-day fall since March. European stocks stayed mostly lower in volatile trades. The US stocks witnessed their worst session in three months on worries posed by elevated inflation. The S&P 500 slipped 1.1% as a drop from its all-time high extended.

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