20-Jan-2025

Copper dips as slide from recent highs extends

COMEX Copper futures pulled back a bit from two and half month highs as equities saw muted moves in Europe today. Some profit selling pressure weighed on Copper and the metal currently quotes at $4.35 per pound, down 0.41% on the day. Overall movement was sideways for the metal. In Asia, China's Shanghai Composite index ended flat. Hong Kong's Hang Seng index jumped 1.75% while Japanese Nikkei index rose 1.10%. European stocks saw choppy moves with UK's FTSE 100 dipping 0.54%. US stocks saw good gains in last session. Copper saw a hefty slide in last session as well, coming off highs near $4.50 per pound in volatile trades despite firm US equities. Strong industrial production data and optimism around Donald Trump's second term fueled market gains with semiconductor and retail stocks leading the rally. The Nasdaq soared 1.5%, the S&P 500 jumped 1% and the Dow 0.8%.

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