(05 Feb 2025, 17:40)

Copper swells to two week high

COMEX Copper futures edged up near two week high as a rally above $4.30 per pound extended on hopes of improving global manufacturing activity. The metal currently trades up 0.41% at $4.37 per pound. The J.P.Morgan Global Manufacturing PMI – a composite index produced by J.P.Morgan and S&P Global Market Intelligence in association with ISM and IFPSM – rose to 50.1 in January, to signal the first (albeit marginal) improvement in operating conditions for seven months. MCX Copper futures are trading at Rs 842.90 per kg, up 0.36% on the day after hitting a high of Rs 845 per kg. Meanwhile, Asian stocks fell on trade frictions. China’s Shanghai Composite index closed down 0.65%. Japanese Nikkei average closed flat. Hong Kong's Hang Seng index lost 0.93%. European stocks stayed under pressure with major indices witnessing modest losses. The US stocks edged higher on Tuesday, largely offsetting the weakness seen in the previous session. The Nasdaq jumped 1.4%, the S&P 500 climbed 0.7 percent while Dow rose 0.3%.

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Copper swells to two week high