(28 Jan 2025, 17:25)

Copper supported in global markets, local futures see choppy moves

Copper fell sharply yesterday as China, the world's largest importer of crude oil, reported an unexpected contraction in manufacturing activity in January on Monday, adding fresh concerns over its demand growth amid elevated global refined copper supplies. The metal plummeted around 2% to test two week low near $ 4.20 per pound mark. There has been a recovery in the counter today and it's quoting at $ 4.26 per pound, up 0.77% on the day. Equities are choppy though and could cap upside for the metal. 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 tumbled 1.40%. European stocks pulled back with major indices sliding around half a percent. The US stocks closed mostly lower on Monday, led by heavy losses in tech counters. The Dow rose 0.65% though. MCX Copper futures edged up near Rs 829 per kg but fell back thereafter in volatile trades and currently trades marginally down at Rs 826 per kg.

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Copper supported in global markets, local futures see choppy moves