MCX Copper Breaks Under Rs 460 Mark

Indian Copper was trading with losses today, breaking under Rs 460 per kg levels. The local futures tested a high of Rs 462.45 per kg and a low of Rs 460 per kg. The counter currently trades at Rs 459.80 per kg, down 0.70% on the day. Global cues remained weak as the US dollar hovered near a five-month high versus a basket of major currencies following a surge in Treasury yields. A firmer greenback makes dollar-denominated assets more expensive for holders of other currencies. COMEX Copper is currently down 0.10% at $ 3.05 per pound. On the economic front today, Chinas new home prices rose 0.5% in April from a month earlier, compared with an increase of 0.4% in March.

China housing prices stayed largely stable in major Chinese cities in April as the government continued tough purchase restrictions, official data showed Wednesday. On a yearly basis, new residential housing prices in Chinas first-tier cities declined 0.4 percentage points more in April compared with a 0.6% drop in March, the National Bureau of Statistics (NBS) said.