Copper Consolidates Around Seven Year High

Copper Consolidates Around Seven Year High

Dec 01, 2020 06:12 IST capital market

COMEX Copper consolidated around seven year highs amid soaring global equities and ideas that Chinese demand will pick up further in coming months. Chinese stocks soared on firm economic cues. Chinas Shanghai Composite index jumped 1.77% while Hong Kongs Hang Seng index added 0.86%. Japanese Nikkei 225 index soared 1.34%. European markets saw excellent upmove with UKs FTSE 100 rallying by 2%. COMEX Copper currently trades at $3.48 per pound, up 1.30% on the day. MCX Copper currently trading at Rs 586 per kg, up 0.64% on the day. Chinas manufacturing sector logged its strongest growth in a decade in November to indicate a sustained recovery from the Covid-19 outbreak, survey data from IHS Markit showed. The Caixin manufacturing Purchasing Managers Index rose to 54.9 in November from 53.6 in October.

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