COMEX Copper Slumps After Breaking Under $4.40 Per Pound

28 Jan 2022 , 05:48 PM

COMEX Copper slumped today, not being able to hold onto recent gains as cautious trading ahead of the weekend hurt the red metal. The US dollar index spiked to a fresh 18 month high above 97 mark, keeping commodities under stress. Equities stayed mostly under stress. Chinese benchmark Shanghai Composite index extended losses and closed down around 1%. Hong Kongs Hang Seng index also fell around 1%. Japanese Nikkei rose 2% though, bouncing from a near 14 month low. European stocks saw cautious moves ahead of the weekend. COMEX Copper futures saw accelerated losses after breaking under $4.40 per pound mark and currently trade at $4.35 per pound, down 1.67% on the day. The metal is lingering around lowest mark in two and half weeks. MCX Copper futures also tanked near Rs 741 per kg on these cues and currently trades at Rs 743.45 per kg, down 1.29% on the day.

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