Copper melts near five-week low

COMEX Copper futures melted to five-week low amid extremely weak cues from global equites. Asian stocks fell across the board. The Shanghai Composite Index tanked 1.50%. In Hong Kong, the Hang Seng index lost 3%. South Korea?s KOSPI index melted 3.50%. Japan?s Nikkei 225 Index fell 2.65%. European stocks turned sharply lower with indices in Germany and France falling more than 1%. Stocks fell today despite steady overnight cues as escalating energy prices weighed on sentiments. COMEX Copper futures are down 2.81% at $6.40 per pound. MCX Copper also lost heavily, slumping well under Rs 1400 per kg and currently trades at Rs 1358.60 per kg, down 2.29% on the day. Open interest has dropped modestly.

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