Hot Commodities: Copper Extremely Buoyant, LME Futures Break Above $10000 Mark

Hot Commodities: Copper Extremely Buoyant, LME Futures Break Above $10000 Mark

May 07, 2021 10:05 IST capital market

Copper jumped sharply in Asia today, hitting fresh decade high amid supportive equities. Risky assets remained elevated on a sliding US dollar index, which fell under 91 mark. LME Copper broke convincingly above the critical $10000 per tonne level as the Copper inventories on the exchange slipped to a six week low near 130000. COMEX Copper currently trades up 0.78% at $4.65 per pound. MCX Copper spiked near Rs 778 per kg in early moves and currently trades at Rs 777.45 per kg, up 0.88% on the day. In another bullish data for the red metal today, The services sector in China continued to expand in April, recording a faster pace. The latest Caixin China services PMI recorded score of 56.3. This is up from 54.3 in March, and it moved further above the boom-or-bust line of 50 that separates expansion from contraction. Total new orders expanded at the fastest rate since last November. The rate of job creation was the fastest recorded for five months and solid. The report also showed that the composite index jumped to 54.7 from 53.1 in March.

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