Copper cuts losses amid supportive global equities

COMEX Copper edged up from two-week low amid supportive global equities today. The counter had tumbled around 1.80% in last session but cut some of these losses today and trades at $6.52 per pound, up 0.71% on the day. In Asia, China?s Shanghai Composite Index rose 1%, witnessing some bargain buying after recent spate of losses. In Hong Kong, the Hang Seng index added 0.42%. Japan?s Nikkei 225 Index eased 0.33%. European stocks pulled modestly higher on Monday. Copper extended losses on Friday amid weak US equities. The US stocks saw heavy losses on Friday after the latest tech earnings reignited concerns over recent spate of hefty spending on AI. The Nasdaq Composite tanked 2.86% and the S&P 500 fell 1.82%, each suffering their worst day since June. The Dow fell 572 points, or roughly 1.1%. MCX Copper is up today in tune with global cues and currently trades at Rs 1382.70 per kg, up 0.66% on the day after testing Rs 1388 per kg.

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