COMEX Copper is witnessing some buying support around a four-month low and currently trades at $4.47 per pound, up 0.27% on the day. The counter slumped over 20% last week, making it one of the worst weekly declines on record. The metal was hit hard on tariff play that tricked the traders and lead to a record fall in the Copper. The US informed that 50% tariff imposed on Copper will only apply to semi-finished Copper products imported. However, imports of refined metal will not attract any tariff.
However, a supportive undertone in global equities provided some fillip to the metal today. In Asia, China’s Shanghai Composite index gained 0.66% while Hong Kong's Hang Seng index surged 0.92%. European stocks edged up marginally after heavy losses in last session. The US stocks fell heavily on Friday as broad tariff worries and signs of economic slowdown led by labor markets weighed on sentiments.
On the MCX, Copper futures scaled up 0.76% to trade at Rs 886.35 per kg as Indian Rupee fell near record lows against the US dollar. The rupee depreciated 52 paise to close at 87.70 against the US dollar on Monday.