Copper Spikes Near Rs 580 Mark On MCX

Copper Spikes Near Rs 580 Mark On MCX

Nov 27, 2020 09:11 IST capital market

Copper futures leapfrogged yet again today even as global equities saw thin moves amid Thanksgiving Day holiday in the US. Weal US dollar and firm cues from Chinese economy boosted Copper to fresh six year highs. The red metal currently quotes at $3.39 per pound, up 2.40% on the day. MCX Copper futures jumped near Rs 578 per kg in intraday moves and currently trade at Rs 575.70 per kg, up 1% on the day. Data out earlier today showed that profits at Chinese industrial firms rose 28.2% year-on-year in October to 642.91 billion yuan ($97.79 billion), pointing to a steady recovery in the manufacturing sector after it was hard hit by the COVID-19 pandemic. Profits rose for a sixth straight month in October, after increasing by 10.1% year-on-year in September, the data from the National Bureau of Statistics (NBS) showed.

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