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Commodity News Details
Copper melts near $4.30 per pound
06-Nov-2024 17:35
COMEX Copper futures slumped today, giving up recent gains as US dollar index hit above 105 mark. Copper is now at a one and half week low. The metal has lost despite firm equities and COMEX Copper is currently quoting at $4.31 per pound, down 3.59% on the day. Meanwhile, the global manufacturing downturn continued in October. The J.P.Morgan Global Manufacturing PMI ' a composite index produced by J.P.Morgan and S&P Global Market Intelligence in association with ISM and IFPSM ' came in at 49.4, up from 48.7 in September but remained below the neutral 50.0 mark for the fourth month in a row. Three out of the five PMI components signalled contraction at the start of the final quarter ' new orders, employment and stocks of purchases.

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