Copper slumps 2% as five week high fails to hold
28-Aug-2024
17:26
COMEX Copper futures slumped today as five week highs above $4.20 per pound failed to sustain for the metal. Chinese demand stayed a depressing factor. Risk appetite also eased a bit as the US dollar edged up slightly after having hit its lowest in more than a year against a basket of peers. Chinese stock index is at a seven month low now. China has recently criticized the tighter controls imposed by the USA on dozens of exporters from the People's Republic. According to a latest media update, the Ministry of Commerce said that the measures disrupted the international trade order and hindered the normal exchange of goods. COMEX Copper futures tanked nearly 2% to trade at $4.15 per pound right now - nearing one week low.
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