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Commodity News Details
MCX Copper Hits Rs 900 Per Kg Mark
16-May-2024 17:35
COMEX Copper futures eased after hitting record highs above $5 per pound and currently quote at $4.93 per pound, up marginally on the day. Asian equities were supported. China?s Shanghai Composite index closed flat while Japan?s Nikkei 225 index spiked 1.40%. Hong Kong?s Hang Seng index jumped 1.60%. European stocks eased with German DAX index falling 0.25% and French CAC sliding 0.52%. The US stocks added to latest upmove as moderating inflation worked in favor of bulls, pushing US stocks to record highs. The tech-heavy Nasdaq spiked 1.4% while S&P 500 index soared 1.2%. The Dow rose 0.9%. Meanwhile, China's central bank left its medium-term lending facility rate unchanged on Wednesday. Copper is likely to track cues from the Chinese economy in near term. MCX Copper futures hit Rs 900 per kg mark in intraday moves today and currently trade at Rs 895.50 per kg, up 0.40% on the day.

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