Market and product
MCX copper exhibits subdued trend on macroeconomic fears
MUMBAI (Commodity Online): With economic concerns lingering, Copper market in India is exhibiting a subdued trend.
On the MCX, copper for November delivery is trading flat on 16 September, at 12:56pm Opening at Rs. 419 it touched a high of Rs. 419 And a low of Rs. 416.25 and was seen trading at Rs. 418.05.
Copper prices have risen on the LME on Thursday, as European leaders assured Greece that they will not allow the nation to default, capping the fears of a debt crisis contagion from escalating further.
But, fears of a European slowdown and US debt crisis escalating are still in the backdrop.
The latest ECB move to provide European banks with vital dollar supplies till the year-end, nonetheless, has lent some support to investor sentiments, preventing a spiraling down of the economic monolith.
Three month Copper contract on the London Metal Exchange traded up 0.7% at $8,683 compared to $8,635 a ton at the close on Wednesday.
“We are still far from a normal money market environment, so there is still a lot of caution in the system...so base metals are candidates for forced liquidation.” Stefan Graber, analyst, Credit Suisse Private Banking was quoted by Reuters as saying.
The production of copper has been down as a result of market feeling the tightness.Source:
