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Commodity News Details
Copper corrects marginally after hitting one month high
11-Dec-2024 17:37
Copper corrected a bit today after recent surge. The metal edged up in intraday moves, hitting one month high of $4.32 per pound before pulling back amid lax cues from equities. The counter currently quotes at $4.25 per pound, down 0.40% on the day. Low inventories and hopes of a surge in Chinese demand are pushing the commodity higher recently, taking the metal up nearly 3% so far this month. Meanwhile, prices are likely to track equities form hereon. Today, in Asia, China's Shanghai Composite index rose 0.29%, adding to recent gains while Hong Kong's Hang Seng index fell 0.77%. Japanese Nikkei index ended flat. European markets saw very choppy move amid lack of major data pointers. U.S. stock markets declined as traders took profits ahead of the anticipated inflation report for November with the Dow down 154.10 points, the Nasdaq falling 49.45 points and the S&P 500 slipping 17.94 points.

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