COMEX Copper futures held near two month highs and stayed supported amid a recent downtick in LME Copper inventories and supportive cues from Chinese economy. China's exports surged to a record high in 2024. Exports exceeded 25 trillion yuan for the first time, reaching 25.45 trillion yuan, marking a year-on-year increase of 7.1%. Imports came in at 18.39 trillion yuan, up 2.3% on year. This kept Copper modestly higher amid a firm US dollar index. COMEX Copper futures are currently up 0.12% at $4.33 per pound.
Equities were mixed though. China’s Shanghai Composite index spiked 2.50%, rising sharply from three and half month low. Hong Kong’s Hang Seng index also jumped 1.80%. Japanese Nikkei index tanked around 1.80% on inflation worries. European stocks rose today with French CAC index jumping around 1%. The US stocks edged up yesterday, witnessing a good intraday recovery. The S&P 500 climbed well off its worst levels of the day and into positive territory, although the Nasdaq remained in the red.