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Commodity News Details
Copper glued to lowest in two and half months on China worries
27-Jun-2024 17:34

COMEX Copper futures stayed glued to lowest in two and half months as markets eyed tepid cues from China. Profits of China's industrial firms grew by 3.4% year-on-year to CNY 2,754.38 billion in the first five months of 2024, down from 4.3% in the prior period, amid a fragile economic recovery. The red metal has been witnessing sustained selling recently and COMEX Copper futures are currently quoting at $3.36 per pound, down marginally on the day.

Meanwhile, Asian markets fell on sustained worries over Chinese economy. China’s Shanghai Composite index lost 0.90% while Japan’s Nikkei 225 index tanked 0.82%. Hong Kong’s Hang Seng index crashed around 2%. European stocks saw lax activity. German DAX index is flat and French CAC eased 0.43% on the day. UK’s FTSE 100 fell 0.22%. Stocks on the Wall Street stayed choppy but managed to finish higher on Wednesday.

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