MCX Copper Sees Sharp Gains As INR Falls Near 81 Per US Dollar Mark

22 Sep 2022 , 04:49 PM

COMEX Copper futures are trying to recover in mid European trades as supportive cues from the regional equities capped losses in the commodity after it tested a three week low in last session. Copper was subdued in Asia as stock markets fell with Hong Kongs Hang Seng leading the drop with a 1.60% tumble. However, European shares edged up modestly on bargain buying. Copper has tumbled yesterday as Wall Streets main indices dropped on Wednesday, as investors digested another supersized Federal Reserve hike and its commitment to keep up increases into 2023 to fight inflation. However, easing Covid-19 curbs in China and a continued deficit in global Copper market for a second month in a row pushed up the metal today. The counter currently trades at $3.49 per pound, up 0.72% on the day. MCX Copper futures are trading at Rs 653.40 per kg, up 1.43% on the day as gains were exacerbated by a sharp fall in Indian Rupee. The INR almost tested 81 per US dollar mark – recording an all time low.Powered by Commodity Insights