Copper drifts lower amid new Coronavirus scare in China
24-Feb-2025
17:32
COMEX Copper futures drifted lower today, sliding towards $4.50 per pound and testing two and half week low amid mostly tepid equities. Sentiments were weak for Asian equities as China said they discovered a new coronavirus in bats that enters cells using the same gateway as the virus that causes Covid-19. European stocks saw choppy action. The US stocks slumped on Friday with Dow Jones testing its lowest closing level in a month. The benchmark index plunged 1.7%. Copper fell amid these cues, giving up bulk of the latest gains though the metal is still up around 6% in this month. MCX Copper futures are trading at Rs 866.70 per kg, down 0.28% on the day as a slide under Rs 870 per kg capped the movement in the counter.
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