(18 Jul 2024, 18:10)

Copper tumbles to three month low as recent slide extends

COMEX Copper futures fell near three month low today as worries over Chinese demand and sustained rise in exchange stockpiles weighed on the counter. The metal currently trades down 2.17% at $4.31 per pound. Copper drifted lower despite mixed to steady cues from equities. Major indices in Europe moved up with good gains in French and UK stocks. The US markets saw a mixed outing yesterday though the DOW stayed supported. The sentiments were driven by geopolitical concerns with the broad focus being on the tech counters. The Nasdaq Composite suffered its worst session since December 2022, losing around 3%, as semiconductors came under pressure amid reports of tougher trade restrictions. However, Dow hit a new high as prospect of an interest rate cut continued to benefit the sentiments. The Dow closed with a gain of 0.59% while S&P 500 lost 1.39%.

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Copper tumbles to three month low as recent slide extends