08-Oct-2024 17:49

Copper futures dropped nearly 3% to $4.42 per pound in intraday moves, marking a two-week low. The selloff in copper followed a broader decline in equities and commodities, driven by a stronger dollar and disappointment over China's lack of additional stimulus measures. Equities were volatile. China's Shanghai Composite surged 4.59% to close at 3,489.78. China's markets initially surged to two-year highs after the National Day holiday. However, Hong Kong's Hang Seng index tanked d 9.41% marking its sharpest decline since 2008 after a wild rally in last few days. Japanese Nikkei index slipped around 1.20%. European markets dipped with major indices losing around 1%. The US stocks eased on Monday amid easing prospects of aggressive rate cuts by the Federal Reserve following a much higher than addition in U.S. non-payroll employment in the month of September. The major averages all closed notably lower. The Dow fell 1%.

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