Copper consolidates above $4.20 per pound
27-Aug-2024
17:54
COMEX Copper futures consolidated around five week high as supportive cues from China boosted sentiments. China's industrial profits increased at a faster pace in the January to July period, data from the National Bureau of Statistics showed on Tuesday. Industrial profits posted an increase of 3.6 percent in the first seven months of 2024. This was slightly faster than the 3.5 percent growth registered in the January to June period. COMEX Copper futures are currently trading up 0.28% at $4.23 per pound. Gains were somewhat limited amid mixed cues from equities. China's Shanghai Composite index eased 0.24% while Hong Kong's Hang Seng index rose 0.43%. Japanese Nikkei 225 index added 0.46%.European stocks saw a very thin movement today. In overnight moves, while the Dow hit a new record closing high, the tech-heavy Nasdaq dipped after posting a strong gain last week.
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