19-Dec-2024 18:27

COMEX Copper melted today as weak equities hurt sentiments. The metal tanked under $4.10 per pound and currently quotes down 1.66% at $4.08 per pound. These are the lowest levels in last three weeks for the counter. Market shifted focus on the US interest rates and equities fell across the board today. China's Shanghai Composite index fell 0.36% while Hong Kong's Hang Seng index lost 0.56%. Japanese Nikkei index dipped 0.69%. European markets tanked with major indices losing around 1% on the day. The selling was linked to overnight tumble in the US stocks. The major averages on the Wall street ended with hefty losses in last session. The Dow lost 2.6%, the Nasdaq tanked 3.6% while the S&P 500 plunged 3%. With the steep drop on the day, Dow saw its longest losing streak since 1974, tumbling to its lowest closing level in over a month. The broader S&P 500 also fell to a one-month closing low. US stocks fell as Federal Reserve announced its widely expected decision to lower interest rates by another quarter point. The central bank also described the economic outlook as uncertain and said the risks to both sides of its dual mandate are roughly in balance. However, the latest Fed projections suggest rates will be in a range of 3.75 to 4.0 percent by the end of 2025 compared to the range of 3.25 to 3.50 percent forecast in September.

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