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(07 Jun 2024, 17:26)

Copper cracks down by more than 2%


COMEX Copper futures fell today as metals saw a selloff ahead of the US nonfarm payrolls data. The red metal flipped back after gaining for two sessions in a row and currently trades at $4.57 per pound, down 2.20% on the day. Some worries emerged on Chinese Copper demand as imports of copper concentrate were down 11.7% from a year earlier. China’s unwrought copper imports in May gained 15.8% from a year earlier. Copper prices are edging closer to one month low now. Equities were mixed today but Copper did not see any support. China’s Shanghai Composite index ended flat while Japan’s Nikkei 225 index eased very nominally. Hong Kong’s Hang Seng index fell 0.60% on the day. European stocks turned lower ahead of the weekend. German DAX and French CAC dipped around 0.70% each. US stocks saw a m...

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