Copper Off Recent Highs, COMEX Futures Down More Than 1%

24 Aug 2022 , 04:12 PM

Copper pulled back amid lax cues from equities today. The red metal currently trades down 1.29% at $3.64 per pound. The US dollar index is hovering around 109 mark, capping upmove in commodities and Copper traders were reluctant to add to longs after the metal hit a seven week high in last session. MCX Copper attempted a break above Rs 676 per kg three times but failed to do so and currently trades down 0.70% at $673.25 per kg. Asian markets saw mixed movement. European shares saw very tight moves. Sharp decline was seen in US stocks amid worries of economic slowdown and tighter interest rates after data showed US business activity dropped for a second straight month and the fastest pace as well since May 2020 too weighed on the base metal. The Dow ended down around half a percent. Powered by Commodity Insights