Copper Cuts Losses, Equities Stable In Europe

3 Aug 2022 , 04:07 PM

COMEX Copper futures moved up today, cutting early losses as steady cues from equities helped lift the metal up. Asian equities saw a mixed outing on US-China tensions. European stocks mostly edged up after yesterdays losses. Modest gains were noted in German and French indices. The red metal eased in last session on selling pressure in the US equities. The US stocks fell on Tuesday amid sustained worries on recession. The Federal Reserve has further to go on raising interest rates as inflation has not even peaked yet, Cleveland Fed President Loretta Mester said on Tuesday. However, the continued drop in the LME Copper inventories is supporting the red metal and COMEX Copper futures are currently trading down 0.45% at $3.50 per pound. MCX Copper gained from an early test of Rs 642 per kg and currently trades at Rs 646.95 per kg, up 0.75% on the day as a deep slide in Indian Rupee boosted the counter strongly. Powered by Commodity Insights