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(28 May 2024, 17:35)

Copper sees impressive spurt amid Chinese demand hopes


Copper futures saw a strong rebound today as a recent correction led way to a recovery amid hopes of Chinese demand holding up. Equities were mixed today. Asian stocks corrected today. China’s Shanghai Composite index fell 0.46% while Japan’s Nikkei 225 index eased 0.11%. Hong Kong’s Hang Seng index also softened 0.03%. European stocks are mixed with German DAX adding 0.28% and French CAC sliding 0.27%. US stock market was shut yesterday due to Memorial Day holiday.

COMEX Copper soared above $4.80 per pound mark though and currently quotes at $4.82 per pound, up 1.50% on the day. Bulks of these gains were linked to reports stating that Shanghai, China’s financial hub has reduced down payment ratios and the mortgage rate floor for first-time homebuyers. This...

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