COMEX Copper Melts Around 3% As Selling Resumes

COMEX Copper Melts Around 3% As Selling Resumes

Oct 21, 2021 05:10 IST capital market

COMEX Copper tanked yet again on weak equities and rising output trends to test one week low. The metal had seen a recovery in last session but it proved short lived as the selling spree that had gripped the market after the slide from five month continued. Asian stocks stayed under pressure as concerns about the Chinese property sector returned. Chinese Shanghai Composite Index added 0.22% while Hong Kongs Hang Seng index eased 0.45%. Japanese Nikkei index tanked 1.87% ahead of a general election. European stocks slipped with indices in France and UK shedding around half a percent. COMEX Copper futures are currently trading down 3% at $4.60 per pound. MCX Copper futures are currently trading at Rs 775.25 per kg, down 2.26% on the day. The International Copper Study Group (ICSG) stated that preliminary data indicates world copper mine production increased by 3.6% over the first seven months of 2021, with concentrate production increasing by around 5.5% and solvent extraction-electrowinning (SX-EW) declining by about 4.3%.

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