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COMEX Copper Plunges Over 1%
30-Apr-2024 17:24

COMEX Copper futures gave up gains made earlier in the day and plummeted by over 1% on the day to be currently quoting at $4.62 per pound. The red metal came off multi month highs as dollar index regained momentum ahead of FOMC due this week. The counter has zoomed around 11% compared to same time last year. However, a pullback in equities is also seen weighing on the commodity. European stocks were subdued on Tuesday as investors looked forward to the Federal Reserve providing an update on when interest rates might be cut. German DAX slipped 0.4 percent and France's CAC 40 eased 0.2 percent while the U.K.'s FTSE 100 rose 0.4 percent.

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