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Commodity News Details
Copper nears $4 per pound mark as selling pressure sustains
29-Jul-2024 18:10
COMEX Copper futures stayed in a tough spot, witnessing sustained selling pressure despite mostly positive cues from global equities. The coming flood of PMI data releases and the all-important US Fed monetary policy meeting are weighing on the sentiments and COMEX Copper drifted lower to $4 per pound mark yet again. The counter is currently quoting at $4.07 per pound, down 1.27% on the day. The metal is hovering near four month low. Meanwhile, in Asia today, China's Shanghai Composite index ended flat. Hong Kong's Hang Seng index jumped 1.28%. Japan's Nikkei 225 index spiked more than 2% after a last week's tumble. European stocks saw steady moves as overall sentiment was supportive. UK's FTSE 100 raced up 1%. Stocks on the Wall Street moved sharply higher during trading on Friday with major averages showing strong moves to the upside and the Nasdaq and the S&P 500 bouncing off their lowest closing levels in over a month.

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