Hot Commodities: Copper Slides In Asia, Dollar Index Hits One Month High

Hot Commodities: Copper Slides In Asia, Dollar Index Hits One Month High

Sep 20, 2021 10:09 IST capital market

COMEX Copper futures tanked further in Asia today, adding to latest losses as heavy selling gripped the risky assets following a sustained rise above 93 mark for the US dollar index. The red metal lost around 2% to break under $4.20 per pound and tested around one month low of $4.16 per pound. Asian stocks are trading lower on Monday though overall mood in choppy as markets in mainland China, Japan and South Korea are closed on Monday for holidays. The Hong Kongs Hangseng index fell more than 3% to test lowest in almost 11 months. US stocks dipped on Friday as investors remain cautious due to a resurgent Covid virus. The Food and Drug Administration advisory committee on Friday rejected a plan to administer booster shots of Pfizer and BioNTechs Covid-19 vaccine to the general public. The US dollar index lingered near a one-month high at 93.30 on receding risk appetite.

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