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(27 May 2024, 17:55)

COMEX Copper holds around $4.80 per pound

COMEX Copper futures are witnessing steady moves amid firm Asian equities. Some buying also emerged after the metal tested around two week low. The counter currently trades at $4.79 per pound, up 0.55% on the day. Meanwhile, China’s Shanghai Composite index jumped 1.14% while Japan’s Nikkei 225 index rose 0.66%. Hong Kong’s Hang Seng index also spiked 1.17%, making it an upbeat session for Asian markets. European stocks stayed supported though some correction was seen in UK equities. US stocks stayed well supported in last session. The tech-heavy Nasdaq led the gains with a 1.1% spike to hit record high. Copper is also benefiting from a lax movement in the US dollar index and hopes of a strong long term demand narrative.
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