COMEX Copper futures soared today with good buying emerging in the metal on worries over further sanctions over Russia. The United States and Europe were planning new sanctions to punish Moscow over alleged atrocities in Ukraine, with US President Joe Biden on Monday accusing Russian President Vladimir Putin of war crimes over civilian killings in the Ukrainian town of Bucha. This triggered good support for the metal as markets eyed a further squeeze in supplies if such sanctions continue to weigh down Russian metal exports. The red metal currently trades up 1.45% at $4.84 per pound, hitting around one month high. Mostly steady equities and slight weakness in the US dollar today are also keeping Copper supported.
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