Monday, June 4, 2012

MCX Copper Tips and Trend For Today

Copper Updates:

Today London Metal Exchange is closed due to diamond jubilee celebrations while at Comex electronic platform Copper is trading down by 1.2 percent. The Asian equities are also down by more than a percent owing to weak services PMI numbers from China and lower demand for vehicles and durables around the globe. Base metals at Shanghai are also trading down owing to weak domestic demand and deteriorating western development. In today’s session, metals may remain subdued, as the largest metals market would remain closed.

The red metal’s inventories on the LME warehouses increased around 4.4 percent to 230,875 tonnes on 1st June 2012 from the previous level of 223,500 tonnes on 25th May 2012. Weekly copper inventories at warehouses monitored by the Shanghai Futures Exchange decreased sharply by 6.6 percent to 147,044 tonnes last week.

The base metals pack is expected to trade on a range bound note today as the LME is closed today and tomorrow on account of Spring & Diamond Jubilee holiday. In the domestic markets, sharp downfall in prices will cushioned on account of depreciation in Indian Rupee.