08-May-2025

MCX Copper supported as INR tanks, global futures slide

COMEX Copper futures fell yet again today, adding to hefty losses in last session. Equities were mixed but Copper tanked towards three-week low amid a sharp slide in metals as the US dollar spiked. COMEX Copper futures are currently trading at $4.60 per pound, down 1.20% on the day after losing around 2.50% in last session. The US dollar index is near 100 mark ' hitting one-week top after Federal Reserve held its key interest rate unchanged in a range between 4.25%-4.5% on Wednesday. However, on MCX, Copper futures are trading at Rs 849.35 per kg amid an excellent bounce in intraday moves as the Indian Rupee tanked. INR neared 85.80 per US dollar, down 95 paise on the day. In equities, China's Shanghai Composite index rose 0.28% amid a sustained upmove, Hong Kong's Hang Seng index edged up 0.37%. Japan's Nikkei index also added 0.41%. European stocks rose. German DAX spiked around 1%. The US stocks rose in volatile trades yesterday following Fed decision. The Dow added 0.7%, the S&P 500 gained 0.4% and the Nasdaq rose 0.3%.

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