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Commodity News Details
Copper swells to one month top
09-Dec-2024 17:48
Copper soared today as falling inventories clubbed with weakness in Chinese inflation numbers augured well for the red metal. The LME Copper inventories are holding around lowest in five months and COMEX Copper futures accelerated today, adding to gains above $4.20 per pound. The counter currently trades at $4.26 per pound, up 1.68% on the day and hitting one month high. Consumer prices in China were down 0.6 percent on month in November, the National Bureau of Statistics said on Monday. On a yearly basis, inflation was up just 0.2 percent - down from 0.3 percent in the previous month. The producer prices in China also dropped 2.5 percent on year after sliding 2.9 percent a month earlier. Equities saw a mixed movement today but held up largely supported. In Asia, China's Shanghai Composite index ended flat while Hong Kong's Hang Seng index spiked 2.76%. Japanese Nikkei index rose 0.18%. European markets saw thin movement. US stocks fluctuated as Nasdaq rose, Dow fell, and sectors like tech gained.

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