Copper Stands On Weak Ground

Copper.......

Copper

remains stranded by the disinterest of traders in buying the metal. The traders remained on a selling spree with price paring 0.25 percent in the opening trades on Indian MCX platform. This is a extended sell off continuing in the metals. Recovery in Indian Rupee from 59.97 levels last night can create some more ripples of pressure in the Copper. MCX Copper is trading at Rs 403.35 per kg and can move near Rs 400 in the trading session.

LME three month prices will be looking at finding supports at 20 month low levels. However, inventories will be a key trigger for the metal in today's session. The opening of European markets in few hours time will be watched out for. LME Copper was at $ 6828 per tonne, down $ 7 per tonne from yesterday.

Copper is finding some aid from the fact that there is still short term supply pressure in the markets. Supply outages at Grasberg and Utah copper mines have slashed off some of the surplus that was expected early in the year.

Source by Commodity Insights