Copper Zooms To Highest Mark In Two And Half Months As Equities Rally

12 Jan 2022 , 05:25 PM

COMEX Copper futures spiked today, extending a recent bounce above $4.50 per pound mark as firm equities and weakness in the US dollar boosted the metal. The counter currently trades up 3% at $4.56 per pound to hit its two and half month high mark. MCX Copper futures also zoomed up and currently trade up 2% at Rs 754.70 per kg. Asian stocks edged up today. Chinese benchmark Shanghai Composite index rose 0.84%. Hong Kongs Hang Seng spiked 2.79%. Japanese Nikkei 225 soared around 2%. European stocks moved up on firm risk appetite globally. US stock indices rose on Tuesday on sustained buying support. DOW added half a percent while NASDAQ spiked 1.4%. The US Dollar Index that tracks the greenback against a basket of other currencies inched down 95.55, its lowest level since November end, following US Fed Chief Jerome Powells testimony. Powell said it may take several months to make a decision on running down the central banks $9 trillion balance sheet.

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