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Commodity News Details
Copper attempts pullback, equities tumble
02-Aug-2024 18:05
COMEX Copper edged up today after a deep slide in last session. The metal lost more than 2% yesterday amid sustained selling pressure as equities turned lower and LME Copper stocks soared to three year high. The metal saw some recovery today and currently trades at $4.11 per pound, down 0.75% on the day. The overall mood remains volatile for copper though as deep losses are hurting global equities ahead of weekend. China's Shanghai Composite index lost 0.92% and Hong Kong's Hang Seng index dipped 2%. Japan's Nikkei 225 index lost around 6% amid a total meltdown. European stocks slumped with German DAX losing 1.50%. US equities came under severe pressure as some disappointing data led to concerns about the outlook for the US economy. The major averages on Wall Street showed substantial moves to the downside.

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