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Commodity News Details
Weekly Copper Review: Market eyes Chinese cues
28-Dec-2024 14:53

COMEX Copper futures consolidated in a narrow range amid thin year end trades after nearing one week high. Choppy equities, firm US dollar and weakness in other industrial commodities weighed on the sentiments. Iron ore futures tanked to around five week low, extending a recent slide and breaking under $100 per tonne as markets eyed latest Chinese data amid typical thin trading during year end trades. Recent data showed that industrial firms saw profits drop in November for a fourth month. This weighed on the commodity and slightly weak undertone in global commodities also pulled the prices lower. Iron ore has slumped around 30% this year, with prolonged slowdown of China’s economy, particularly its property sector weighing on the sector.

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