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Commodity News Details
Copper Hits One Month High, Dollar Softens Ahead Of Nonfarm
05-Jul-2024 17:34

COMEX Copper soared today as metals saw an overwhelming rally amid sustained weakness in the US dollar index. Copper swelled to one month high of $4.67 per pound, up more than 3% on the day amid supportive cues from Gold and Silver. US dollar index fell to three week low under 105 mark as market eyed the release of monthly US nonfarm data to understand the state of labour markets and how it can impact the monetary policy dynamics.

Metals jumped today amid mostly supportive cues from risky assets. China’s Shanghai Composite index stayed weak, slipping 0.26% while Japan’s Nikkei 225 index ended flat. Hong Kong’s Hang Seng index tanked 1.30% after recent spurt led to a correction. European stocks stayed positive. German DAX index jumped 0.92% while French CAC rose 0.40% on the day. UK’s FTSE 100 index is up marginally by 0.15%. Meanwhile, the United States stock market was closed on Thursday, July 4th, in observance of Independence Day.

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