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(29 May 2024, 17:48)

Copper corrects more than 1% amid weak equities


Copper corrected today, giving up after recent gains as profit selling pulled the metal down from day’s highs. The counter currently trades down 1.34% at $4.79 per pound. The metal tracked weakness in equities as stocks mostly fell in Asia and saw subdued action in Europe too. The US dollar index edged up as well, capping advances in the red metal. Copper is finding it difficult to break above $4.90 per pound mark this week despite reassuring developments on Chinese real estate market regulations and that could indicate unwillingness of the funds to prop the metal up after its break under $5 per pound. Copper is still up 5% for May 2024 but has now lost nearly 8% from its record high.

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