MCX Copper remained non volatile and non biased on any side as markets awaited jobless claims data from the US for its next set of triggers. No particular moves were noted in LME Copper ahead of the data. LME Copper was trading at $ 7801 per tonne, down from $ 7807 per tonne.
A decline in jobless claims can bring back heavy selling
in the markets as speculation of end of US Fed bond buying will grow
higher. Meanwhile, Copper inventories on LME increased by 1750 tonnes to
522250 tonnes on Thursday. Metals like Aluminium were also in a silent
mode trading at $ 1978 per tonne, down $ 10 per tonne. There is news in
the markets that China State Reserve is going to stock further 300000
tonnes, Aluminium in order to give support to the falling prices.In currency markets, flight from Euro currency continued as Dollar recovered for the third straight day. The currency reached 1.2933 when last checked, up 0.22%. Indian Rupee had a brief rally against the Dollar and was trading at 54.27, up 33 pips.
A positive news today was the rise of Japanese industrial production data. The ministry of economy and trade said that the industrial production was at 0.3% on a seasonally adjusted basis in February. However, worries of slowdown in demand in China and stricter monetary policies in the country can bring down real demand of Copper.
MCX Copper benchmark April expiry contract was trading at Rs 427 per kg, down 0.2%. The prices tested a high of Rs 428.4 per kg and a low of Rs 426 per kg. Resistance for the metal is at Rs 430.5 per kg and downside seems supported at Rs 425 per kg.
Source by Commodity Insights
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