Copper Sees Intense Losses, MCX Futures Crash Under Rs 630 Mark

14 Jul 2022 , 02:49 PM

COMEX Copper lost heavily in the afternoon trades as global equities turned lower amid a sharp spike in the US dollar index and generally muted risk appetite in world markets. The US dollar index held up well above 108 mark and ensured that not much buying support emerges for the risky appetite. The COMEX Copper futures are trading at $3.25 per pound, down around 2% on the day as losses intensified following a sharp pullback in the European equities. Major indices in Europe lost around 1% in early moves, keeping stress on the red metal in a significant manner. The MCX Copper futures also followed suit, giving up after some early gains and fell from around Rs 632 per kg. The counter accelerated losses once Rs 630 mark gave up and currently quotes at Rs 621.70 per kg, down 1.61% on the day.Powered by Commodity Insights