NEW YORK/MUMBAI:
COMEX copper futures extended their upward march, climbing 0.74% to hit a fresh record high of $6.78 per pound, driven by persistent weakness in the US dollar and tightening global supplies. The red metal has registered an impressive rally of around 4.80% over the course of the week.
Domestic markets mirrored the global sentiment, with MCX copper futures advancing 1.10% to trade at Rs 1,388.85 per kg. On the London Metal Exchange (LME), copper soared above the critical $14,000 per tonne threshold to establish a new peak, as warehouse inventories dwindled to a five-month low.
Meanwhile, broader financial markets presented a mixed picture. Asian stock indices turned in a varied performance; China’s Shanghai Composite rose 0.57%, while Hong Kong’s Hang Seng index dropped 1.49%. Japan’s Nikkei average eased 0.93% following strong gains in the previous session. European equities traded with modest gains, and Wall Street closed mixed previously, where the Dow Jones rose 0.5% to 54,349.12 to reach another record high, even as the S&P 500 dipped 0.2% and the Nasdaq declined 0.8%.