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Commodity News Details
Copper in red, holds around one week low
22-Jan-2025 18:04
COMEX Copper futures pulled back today, holding around one week low as traders eyed elevated supplies globally due to strong pace of refined output. The International Copper Study Group (ICSG) noted that world refined copper production increased by about 3.7% in the first eleven months of 2024 on strong performances in China and the DRC due to expanded capacity while world apparent refined copper usage grew by about 2.6% the same time period. COMEX Copper dipped from a two and half month high last week and currently trades at $4.31 per pound, down 0.62% on the day. Meanwhile, in Asia, China's Shanghai Composite index ended down 0.89%. Hong Kong's Hang Seng index slumped 1.63% on Trump tariff worries. Japanese Nikkei index jumped 1.60%. European stocks saw good gains today with German DAX spiking around 1%. The US stocks edged up and major averages all ended the day's session on a firm note. The Dow added 1.24%.

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