Copper Melts Nearly 4% On Sustained Selling

1 Jul 2022 , 01:36 PM

Copper slumped today, extending a downward spiral as weak equities and sustained selling pressure hurt the metal. A modest rise in LME Copper inventories to two week high in last session also weighed. The COMEX Copper futures crashed nearly 4% to a multi-month low of $3.56 per pound. The US dollar index firmed up near 105 mark and kept a lid on risky assets. COMEX Copper has dropped more than 15% in the last one month. MCX Copper futures are also trading lower at Rs 673.45 per kg, down around 3% on the day, breaking well under Rs 400 per kg mark.Powered by Commodity Insights