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Commodity News Details
Copper hits three week high as break above $4.40 per pound continues
05-Nov-2024 17:27
COMEX Copper futures soared to three week highs amid sustained uptick as firm equities boosted the metal. The counter currently trades at $4.47 per pound, up 1% on the day after going up around 1.40% in last session. In Asia today, China's Shanghai Composite index rose 2.32% on stimulus hopes. Hong Kong's Hang Seng index jumped 2.14%. Japanese Nikkei index also spiked 1.1%. European markets saw mild gains today. Broad demand trends from conventional industrial sources remain steady while renewables are also boosting the buying interest in the metal. Solar sector is playing a major role in this. Global solar capacity has surged to 1,418.97 GW in 2023, recording a spike from 1.22 GW around two decade ago. MCX Copper futures hit a high of Rs 861.30 per kg and currently trade at Rs 858.85 per kg, up 0.72% on the day.

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