Copper Supported, MCX Futures Back Above Rs 800 Mark

10 Mar 2022 , 02:12 PM

COMEX Copper futures edged up today amid supportive risk sentiments. Asian stock markets rose following the broadly positive cues overnight from Wall Street, amid slightly easing worries about inflation following a drop in crude oil. Traders also remain optimistic amid the ongoing talks to diffuse the Russia-Ukraine crisis, with Ukraine President Volodymyr Zelensky no longer pressing for NATO membership for Ukraine. COMEX Copper fell sharply in last session as a drop under $5 per pound triggered considerable selling. However, very tight inventories on LME and upbeat cues on Chinese demand capped losses for the metal and COMEX Copper currently trades up 0.78% at $4.61 per pound after rising more than 1% earlier in the day. MCX Copper is trading at Rs 802 per kg, up marginally on the day falling to Rs 796 per kg in early afternoon trades.

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