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Commodity Post Session News

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(13 Jun 2024, 17:13)

Copper Pulls Back On Weak Equities


Copper pulled back on Thursday tracking weaker equities and persistent demand concern for metals. Rising copper inventories has dragged the red metal in more than a month after having surged to record highs in May. The red metal plunged around 1% as dollar rebounded after Fed’s dot plot revealed fewer rate cuts this year, adding back pressure on the counter. Meanwhile, European stocks declined on Thursday, a day after the U.S. Federal Reserve held interest rates steady but cautioned that inflation is still too high to start cutting policy rates. German DAX shed 0.7 percent, France's CAC 40 lost 0.8 percent and the U.K.'s FTSE 100 was down 0.4 percent. Currently, the counter is quoting at $4.53 per pound, down 0.79% on the day.

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