(29 Jan 2025, 17:16)

Copper consolidates around three week low

COMEX Copper futures lingered around three week low as overall mood remained choppy ahead of the US Fed monetary policy outcome. The metal currently trades at $4.25 per pound, up 0.13% on the day. Market remained fixated on Chinese manufacturing outlook. The purchasing managers' index (PMI) for China's manufacturing sector came in at 49.1 in January, down from 50.1 in December. In equities, Asian stocks slipped in thin trade with markets in China, South Korea, Taiwan and Indonesia closed for the Lunar New Year holidays. Japanese Nikkei average added 1% after a hefty slide in last session. European stocks saw mixed moves though German DAX rose 0.58%. The US stocks edged up yesterday. The tech-heavy Nasdaq led the way higher after posting a particularly steep loss on Monday, limiting losses in the counter.

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Copper consolidates around three week low