(07 May 2025, 17:25)

Copper melts more than 2% in cautious trades ahead of Fed decision

COMEX Copper futures fell sharply today as traders maintained caution ahead of the US Fed interest rate decision. The metal came off a one-week high and saw heavy selling after testing $4.80 per pound. Hopes of a stimulus fuelled recovery in China failed to prop up sentiments and the COMEX Copper futures are currently down 2.10% at $4.67 per pound. The counter had jumped around 1.70% in last session. In Equities, China's Shanghai Composite index rose 0.80% as central bank and financial regulators announced sweeping plans to cut key interest rates to support the economy, Hong Kong's Hang Seng index edged up 0.13%. Japan’s Nikkei index fell 0.14%. European stocks eased marginally amid cautious trades. The US stocks dipped for a second straight session. The Chinese central bank cut the 7-day reverse repo rate by 10 basis points to 1.4%. The reserve requirement ratio was lowered to 9% from 9.50%. The reduction is set to release CNY 1 trillion liquidity into the financial system, media reports noted. In order to promote lending to the tech sector, the bank decided to increase re-lending fund by CNY 300 billion.

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Copper melts more than 2% in cautious trades ahead of Fed decision