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Commodity News Details
Copper Swells Above $4.50 Per Pound Amid Firm Risk Appetite
03-Jul-2024 17:32
COMEX Copper spiked today, adding to recent gains and hit one and half week high of $4.51 per pound amid supportive equities. The red metal currently trades up 1.77% at $4.49 per pound. Meanwhile, Asian stocks were choppy but overall undertone was steady. China?s Shanghai Composite index slipped 0.49% while Japan?s Nikkei 225 index jumped 1.26%. European stocks soared amid firm global cues. German DAX index spiked 1% while French jumped 1.5% on the day. UK?s FTSE 100 rose 0.54%. US equities climbed higher, and continued to gain strength to eventually end the day's session a firm note. The major averages all ended on a firm note. Risky assets pushed higher as focus yet again shifted on the US interest rates. Recent inflation data does suggest a disinflationary trend in the U.S. economy, but more evidence is needed before policymakers can cut interest rates, Federal Reserve Chair Jerome Powell said Tuesday.

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