COMEX Copper tanked near $4.70 per pound mark as a slide from recent highs continued amid risk-aversion in world markets. Global demand concerns also weighed after World Bank noted that global growth is expected to weaken to 2.3% in 2025, substantially weaker than previously projected. Meanwhile, China imported 2.4 million metric tons of copper concentrate in May, customs data showed on Monday, dropping 18% from the record amount set in April. However, compared to the same month a year earlier, imports rose 5.8%. Year to date, imports were up 7.4% at 12.4 million tons. Imports of unwrought copper and copper products fell 16.9% on year and 2.5% on month to 427,000 tons. A sustained drop in LME Copper inventories to 13-month low also helped cap losses for the red metal. MCX Copper futures pulled back under Rs 870 per kg mark amid a setback in global prices before witnessing some recovery.
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