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Commodity News Details
Copper sees corrective action after recent gains
22-Aug-2024 17:10
COMEX Copper futures corrected from three week high today, softening amid muted moves in equities as elevated inventories led to some corrective action. The counter currently trades at $4.15 per pound, down 0.76% on the day. Prices have rebounded recently following a break above $4 per pound with dollar weakness and supportive US equities triggering a good rally in the metal. Sentiments will be supportive for the metal amid continued focus on a likely interest rate cut in the US. Meanwhile, in Asia today, China's Shanghai Composite index fell 0.27% while Hong Kong's Hang Seng index jumped 1.44% Japanese Nikkei 225 index rose 0.68%. European stocks saw choppy moves. US equities closed in positive territory with tech stocks witnessing good gains yesterday.

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