COMEX Copper futures eased a bit from two month highs but stayed supported amid a recent downtick in LME Copper inventories and supportive cues from Chinese economy. China's exports surged to a record high in 2024. Exports exceeded 25 trillion yuan for the first time, reaching 25.45 trillion yuan, marking a year-on-year increase of 7.1%. Imports came in at 18.39 trillion yuan, up 2.3% on year. This kept Copper modestly higher even as equities saw across the board correction amid a firm US dollar index. COMEX Copper futures are currently up 0.23% at $4.31 per pound.
Meanwhile, in Asia, China’s Shanghai Composite index shed 0.25% adding to recent losses. Hong Kong’s Hang Seng index lost 1%. Japanese Nikkei index fell around 1% as well. European stocks slipped with indices in Germany and France witnessing deep cuts. U.S. stocks slumped on Friday due to heavy selling across the board as buoyant non-farm payroll data raised concerns that the Federal Reserve will likely slow down the pace of reductions. The Dow lost 1.63% on the day.