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(10 Jun 2024, 17:00)

Copper melts near six week low before witnessing a rebound

COMEX Copper futures slumped in last session amid a sharp jump in the US dollar and recent rise in the LME Copper inventories. Traders reassessed US interest rate cut expectations after a firm jobs report and pulled Copper down. A sharp slide in broad metals segment also weighed on the commodity and the red metal tanked around 4%. The counter fell further to test a six week low before some stability emerged and COMEX Copper currently trades at $4.51 per pound, up 0.79% on the day. Equities were mostly lax today and Copper could see a mixed movement as focus shifts to US Fed monetary policy meeting outcome on Wednesday. Asian stocks mostly eased in thin trade on Monday, with markets in China, Hong Kong and Australia closed for public holidays. Japan’s Nikkei 225 index added 0.92%. European stocks saw a tumble today as markets eyed outcome of EU parliamentary election. German DAX is down 1% and French CAC crashed 2.10%.
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