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Commodity News Details
Copper Tests One Week Low
23-May-2024 17:32
Copper futures saw a hefty tumble yesterday; giving up nearly 5% amid weak cues from equities and ideas that latest surge in prices has capped Chinese demand. Media reports are highlighting record-low Shanghai grade A copper cathode premiums recently. Meanwhile, in a critical development, mining major Anglo American noted that its board has unanimously rejected takeover proposal from BHP group, taking off some enthusiasm from global Copper markets driven by this probable merger. The COMEX Copper futures fell to a one week low under $4.80 per pound today before rising and currently quote at $4.83 per pound, down 0.33% on the day.

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