Copper Tumbles 3% On COMEX As Equities Melt

29 Aug 2022 , 01:12 PM

COMEX Copper futures slumped today as a heavy selloff in Asian equities and broad strength in the US dollar index hurt the metal. Copper is currently trading down around 3% at $3.58 per pound. The metal has been rising in last few days on Chinese interest rate cuts and falling Copper inventories on the LME. The red metal had hit a near two week high before correcting. The metal is locked in a tight range after the slump in todays trade as dollar index is holding above 109 mark and equities are witnessing steep correction in Asia. MCX Copper futures also slumped in early moves and currently trade at Rs 665.30 per kg, down 1.79% on the day. Powered by Commodity Insights