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Commodity News Details
Copper Holding Onto Gains Above $5 Per Pound
21-May-2024 17:32
Copper stayed elevated today, holding around record highs despite lax equities. LME Copper inventories have been falling constantly and currently linger around nine month low. This is pushing up the red metal sharply and demand outlook for long term is buoyant too. The commodity currently trades at $5.15 per pound, up 1.40% on the day. Meanwhile, China?s Shanghai Composite index fell 0.40% while Japan?s Nikkei 225 index dipped 0.31%. Hong Kong?s Hang Seng index crashed 2.10%. European stocks eased with German DAX index falling 0.60% and French CAC shedding more than 1%. UK?s FTSE100 index lost 0.42%. US markets saw a mixed outing yesterday. The tech-heavy Nasdaq added to last week's strong gains, reaching a new record closing high, while the Dow gave back ground after closing above 40,000 for the first time last Friday.

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