Copper Off One Week High, Strong Equities Support

14 Oct 2022 , 05:03 PM

Copper saw thin activity but the supportive undertone in global equities kept the overall mood positive for the red metal. COMEX Copper futures are currently trading at $3.45 per pound, up 0.36% on the day. The metal had earlier hit a one week high of $3.50 per pound. Asian stocks soared today. Chinas Shanghai Composite Index jumped 1.84%, adding to recent gains. Japans Nikkei 225 index jumped 3.25% and Hong Kongs Hang Seng index rose 1.25%. European shares continued to see decent upmove ahead of the weekend. The US stocks saw a massive bounce amid excellent bargain buying despite elevated inflationary reading. DOW spiked around 3% while S&P 500 ended 2.6% higher. Nasdaq also ended with a gain of 2.2%. Powered by Commodity Insights