COMEX Copper In Deep Red As $4 Mark Gives Up, Sliding INR Caps Losses For MCX Futures

22 Jun 2022 , 01:01 PM

COMEX Copper futures have slumped today, extending a recent slide that has taken the red metal well into bear market territory. The COMEX Copper futures have tanked from a high of around $5 per pound and the tumble under $4 per pound has now triggered a very heavy amount of selling today amid bearish cues from equities and risk off sentiments. The red metal is down 3.5% at 3.89 per pound. The DOW futures have lost more than 500 points and exerted heavy selling pressure in Asian equities. The Chinese Covid-19 outbreak is shifting to its south coast, with a spurt in cases in technology hub Shenzhen triggering mass testing and a lockdown of some neighborhoods. There are some worries over a surge in cases in gambling hub Macau too. MCX Copper has also lost but a deep slide in the Indian Rupee has capped losses. The metal currently trades at Rs 730.50 per kg, down 1.60% on the day. INR has slumped to fresh lows of 78.30 per US dollar today. Powered by Commodity Insights