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Commodity News Details
MCX Copper down half a percent as Rupee bounces sharply against US dollar
23-May-2025 17:35
COMEX Copper futures rose near a two-week high as weak US dollar and falling LME Copper inventories boosted the red metal though mixed equities capped gains. The US dollar index tanked near 99.30 mark as rate cut expectations took a toll on the currency. Federal Reserve Governor Christopher Waller said the central bank could cut interest rates in the second half of 2025. COMEX Copper futures are up trading flat around $4.70 per pound right now. In Asia, China's Shanghai Composite index fell 0.94% while Hong Kong's Hang Seng index up 0.24%. Japanese NIKEEI index added 0.50% on the day. European stocks rose modestly after German DAX gaining around half a percent. The US markets closed mixed Thursday with focus on government finances after lawmakers passed a bill that markets believe could widen the deficit. On the MCX, Copper futures are down half a percent at Rs 857.90 per kg as the Indian rupee recorded excellent gains today. The INR tested a one-month low of 86.10 before bouncing and neared at 85.20 mark against the US dollar, adding around 70 paise on the day.

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