Copper In Red On COMEX, Weak INR Supports Local Futures

21 Sep 2022 , 04:33 PM

COMEX Copper moved lower amid weak economic leads from the equities. A firm undertone in the US dollar index, which hovered above 110 mark also weighed on the red metal. COMEX Copper futures are trading at $3.49 per pound, down 0.29% on the day. Asian markets dropped on negative cues from the US equities and continued selling pressure ahead of the FOMC meet. European shares saw a mixed movement amid lack of major regional economic cues. The DOW slumped yesterday. Wall Street saw accelerated losses as the US Federal Reserve meeting expected to bring another large interest rate hike brought further evidence of the impact on corporate America from the inflation that the US central bank wants to tame. While the global Copper futures stayed weak, MCX Copper edged up on a sustained drop in Indian Rupee today. MCX Copper futures are trading at Rs 648.30 per kg, up 0.29% on the day as the INR tested 80 per US dollar mark.Powered by Commodity Insights