Copper Attempting To Turn Green On MCX

1 Aug 2022 , 04:28 PM

MCX Copper tried to turn green today, testing Rs 657.50 mark four times but failed to do so amid relentless selling pressure in global Copper futures. The counter currently trades flat at Rs 356 per kg. The red metal pulled back after recent gains after Chinese factory output unexpectedly shrank in July as fresh curbs in the wake of rising COVID-19 cases dented economic activity. The official purchasing managers index (PMI) came in at 49 for July, below expectations of 50.4, and Junes reading of 50.2. However, losses were curbed amid firm equities and COMEX Copper currently trades flat at $3.50 per pound. Asian stocks mostly moved up amid rather depressing data from China. European stocks stayed supported in cautious trades on first session of the week. The US stocks continued to stay in an upbeat zone, adding to recent gains. S&P500 index added around 8% for the month of July 2022.Powered by Commodity Insights