LME Copper inventories increased by 8525 tonnes on Tuesday to 621600 tonnes. MCX Copper was trading at Rs 371.6 per kg, down 0.9 percent. China HSBC PMI numbers for the month of April 2013 showed a reading of 50.5 compared to 51.6 in the month of March.
Meanwhile, Germany manufacturing activity in April declined to four month low. Research Group Markit manufacturing Purchase Managers Index fell to a seasonally adjusted 47.9 in April compared to reading of 49 in March 2013. This is a preliminary reading which can be revised in another assessment. Eurozone PMI fell to a four month low of 46.5 in April from final reading of 46.8 in March 2013. Reading below 50 indicates contraction in manufacturing.
In currency segment, Dollar recovered against the Euro for the third straight day and traded at 1.2989, up 0.6 percent from last night. The grim PMI numbers of Eurozone and Germany propelled buying in US Dollar. Indian Rupee declined by 0.4 percent against the Dollar and was last seen at 54.35.
Meanwhile, Caterpillar showed sharp decline in profits after being affected by weak mining and construction demand. The company reported a decline of 45 percent in the first quarter earnings demand. Major earthmoving equipment maker posted a net income of $ 880 million in the first three months of 2013. The company has warned that the conditions in mining business have declined considerably. The state of affairs in mining globally has been affected by slowdown in demand.
Among other metals, lead futures for April expiry on MCX was trading at Rs 107.7 per kg, down 0.32 percent. The metal is expected to get supports at Rs 107.2 and Rs 106.5 per kg. Resistance for the contract is at Rs 108.5 per kg. LME Lead for three month delivery was trading at $ 1996 per tonne, down $ 19 per tonne.
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