Copper Trims Losses As European Equities Edge Higher

Copper Trims Losses As European Equities Edge Higher

Jun 24, 2021 05:06 IST capital market

Copper futures stabilized today as some bargain buying emerged at lower levels amid supportive equities and positive economic cues. Asian markets were steady today. The benchmark Chinese index Shanghai Composite ended marginally up while Hong Kongs Hang Seng index added 0.25%. The Japanese Nikkei index ended flat. European markets saw good gains with the benchmark index in France adding 1%. The US stocks saw choppy moves though Nasdaq hovered near its all-time high on Wednesday. COMEX Copper had dropped more than 1% in Asian trades but trimmed losses and are currently trading down 0.68% at $4.30 per pound. MCX Copper futures are currently trading at Rs 722.1 per kg, down 0.59% on the day after falling near Rs 717 per kg earlier in the day. Meanwhile, a measure of US factory activity climbed to a record high in June. Data firm IHS Markit said on Wednesday its flash US manufacturing PMI rose to a reading of 62.6 this month. That was the highest since the survey was expanded to cover all manufacturing industries in October 2009 and followed a final reading of 62.1 in May.

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