COMEX Copper futures are stabilizing around two-week high with mild selling pressure visible amid mixed manufacturing data from China. Market is rather eying the massive surge in LME Copper inventory which zoomed around 145% in March quarter. COMEX Copper futures are currently trading down 0.04% at $5.61 per pound. MCX Copper futures are also flat around Rs 1165.60 per kg. Equities jumped today amid hopes of a quick end to military hostilities in the Middle East.
Asian shares rallied across the board. China's Shanghai Composite index jumped 1.46%. Hong Kong’s Hang Seng index soared 2%. Japan’s Nikkei average spiked 5.24% after logging its worst month since the 2008 global financial crisis in March. European stocks soared with major indices jumping around 2%. US stocks had gained sharply in last session. The Nasdaq soared 3.8%, the S&P 500 jumped 2.9% and the Dow surged 2.5%.
Data out today showed that China’s manufacturing sector continued to expand in March, although the pace of growth slowed and cost pressures increased sharply. The headline Purchasing Managers’ Index (PMI) remained above the 50 mark for the fourth straight month at 50.8, indicating ongoing improvement in operating conditions. However, this was down from February’s recent high of 52.1. COMEX Copper could find this whole scenario challenging after a 9% drop in last month.