23-Jul-2025 18:08

COMEX Copper futures rallied near record highs above $5.80 per pound amid firm risk appetite. The counter currently trades at $5.81 per pound, up 1.60% on the day. In Asia, China's Shanghai Composite closed slightly higher at 3,582.30 after media reports stated that the US and China will meet in Stockholm next week to discuss extending their tariff truce. The index is holding around eight-month high. Hong Kong's Hang Seng index climbed 1.62%, extending gains for a fourth straight session and hitting around three-year high. European indices also jumped nearly 1%. In a positive update for the metal, global mining major Freeport McMoRan reported second-quarter 2025 net income attributable to common stock of $772 million, $0.53 per share, and adjusted net income attributable to common stock of $790 million, $0.54 per share after excluding after-tax net charges totalling $18 million, $0.01 per share. Kathleen Quirk, President and Chief Executive Officer, noted a leading copper producer, our role is increasingly important in providing essential metals to a growing market. On the MCX, Copper futures are up 0.33% at Rs 901 per kg.

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