Commodity

Copper flared on worries over global supplies and a return of risk appetite in European markets. The red metal currently trades up 1.50% at $4.32 per pound – holding around 15 month high. Copper also rose as top global exchange CME Group suspended from its platform aluminium produced in Russia from April 13. The exchange took this step after the United States and Britain imposed new sanctions on Moscow for its invasion of Ukraine. The US Treasury Department and the British government on Friday banned the LME and the Chicago Mercantile Exchange (CME) from accepting new Russian production of aluminum, copper and nickel produced from April 13.

In Asia, equities were mostly under pressure amid flare up of tensions in Middle East. China’s Shanghai Composite index jumped 1.26% after recent losses. Hong Kong’s Hang Seng index fell 0.72%. Japan’s Nikkei 225 index dipped 0.72%. German DAX is up 0.83% on sustained buying. French CAC has gained 0.70% while UK’s FTSE100 index is up marginally. Meanwhile, US stocks slumped on Friday following a mixed start to earnings reporting season. Worries about potentially escalating tensions in the Middle East rattled financial markets. DOW lost 1.24% on the day.

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