Copper Cracks Under $3.50 Mark, Equities Turn Lower

1 Sep 2022 , 04:40 PM

Copper slipped today, falling under $3.50 per pound amid poor cues from equities and worries over Chinese economy. China manufacturing sector fell into contraction territory in August with a manufacturing PMI score of 49.5, the latest survey from Caixin showed on Thursday. Thats down from 50.4 in July, and it moves beneath the boom-or-bust line of 50 that separates expansion from contraction. Asian markets saw mostly weak activity amid Chinese Covid-19 scare and overnight weak cues. European shares tanked in early moves and extended the losses. DOW dropped, extending recent losing spree ahead of key economic releases ahead in the week. COMEX Copper is down 2% at $3.44 per pound. MCX Copper futures are also down 1.70% at Rs 638.60 per kg.Powered by Commodity Insights