Comex Copper bearish on weak global cues; MCX Copper negativeby Harrey Martin Financial Adviser The trend in Copper futures for August delivery on India's Multi Commodity Exchange (MCX) is negative and traders are advised to sell at higher levels for the day, according to our analyst. Weakness in Indian Rupee isseen supporting the commodity to certain extent.
MUMBAI : Copper prices in the global market exhibited volatile trend after the testimony from US Federal Reserve Chairman Ben Bernanke before a congressional committee on Wednesday. On Comex copper futures was seen trading bearish.
Copper futures for September delivery was seen trading down by 0.29% at $3.120 per pound as of 02.09 PM IST on Thursday.
Also, concerns over economic growth in China were seen pressuring the base metal prices to certain extent.
Bernanke testified before the committee and said the Federal Reserve still expects scaling back of QE measures later in 2013; however has the option of changing plans should the economy changes track, the outlook gets shifted.
Rising copper supply and fall in the consumption were also seen putting further pressure on the base metal. Copper production at Escondida, world's single largest copper mine rose 28% to 1.1 mn tons in financial year 2013, stated BHP Billiton the majority owner of the mine.
The trend in Copper futures for August delivery on India's Multi Commodity Exchange (MCX) is negative and traders are advised to sell at higher levels for the day, according to our analyst. Weakness in Indian Rupee is seen supporting the commodity to certain extent.
“For intra-day, support for the commodity is seen at 410 and 407 levels while resistance is seen at 418 and 422 levels. The base metal prices are expected to trade lower for the day,” said Tarang Parmar, Research Analyst at Commodity Online.
MCX copper for August delivery was seen trading down by 0.01% at Rs.412 per kilogram as of 02.12 PM IST on Thursday.
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