Copper prices are mostly higher on the London Metal Exchange, with investors buying at lower levels following a heavy selloff Tuesday that was driven by bearish data from China, the world's top base metals consumer.
Three-month copper is trading at $ 7241 a metric ton, up $ 16 per tonne from its previous settlement. Copper had tested a one month high of $ 7378 per tonne this week before turning down after China industrial production data. Among other metals, Three-month nickel forwards were down $ 30 per tonne at $15150 per ton.
In currency markets, US Dollar was sideways at 1.2935 on Wednesday against 1.2931 last night versus the Euro. Data from Europe missed the expectations of traders. ZEW index of German economic sentiment rose to 36.4 in May from 36.3 in April, well below expectations for a reading of 38.3.
Meanwhile, Eurostat, the European Union's statistics office, reported that industrial production in the euro area rose by 1% in March from February.
Meanwhile, world major copper mine Freeport reported a collapse in a training area deep underground at Big Gossan Mine in Grasberg. Spokesperson of the company has said that the rescue process can take some time to complete.
Indian Copper have taken a sharp turn on the downside and breached Rs 400 per kg levels to close at Rs 399.8 per kg. The prices tested a low of Rs 398.2 per kg and were down by 2.2 percent at the closing tick. Further correction can take prices towards Rs 395 per kg.
Source by Commodity Insights
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