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  • Hot Commodities: Copper Sees Bargain Hunting, COMEX Futures Back Above $4 Per Pound
  • March 05,2021  11:52
  • COMEX futures spiked in Asia today after a sharp turnaround in last session. COMEX Copper extended losing streak from decade high mark as US stocks plunged and risky assets went for a toss. The red metal lost nearly 5% to approach to around two week low as a break under $4 per ounce triggered massive selling. Some buying emerged today though as bargain buying lifted the metal. The commodity is currently trading up nearly 3% at $4.05 per pound. MCX Copper futures are currently trading at Rs 682.25 per kg, up 1.40% on the day. One of the major factors leading to recent correction in Copper was signs of weakness in global equities as US treasury yields spiked to around 13 month high and US dollar index edged up. There was a jump in LME Copper inventories which rose by 5725 tonnes yesterday, adding to the selling spree.

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