Copper prices rebound as global equities stabilize

COMEX Copper futures rebounded from a two-week low, finding support from stable equities that helped limit further declines. The metal is currently trading at $6.58 per pound, marking a 0.82% gain for the day. On India’s MCX exchange, copper is up 0.49% at Rs 1406.40 per kg, having earlier reached a high of Rs 1407.50 per kg.

Asian markets showed broad gains on Monday, though trading was lighter due to holidays in mainland China and South Korea. Japan’s Nikkei index surged 2.4%, testing the 70,000 mark for the first time in three months, while Hong Kong’s Hang Seng rose 0.28%. European stocks saw mixed performance.

In the U.S., equities closed higher on Friday, with the Dow Jones up 0.49%, the S&P 500 gaining 0.74%, and the NASDAQ Composite adding 1.19%. The positive sentiment in global equities appears to be providing underlying support for copper prices.