Copper prices are seen in a fix from the quake news from Chile and consumption from China. The metal saw negative opening on the Multi Commodity Exchange but recovered well after brief declines.
Now the prices are flat confused about which way to move. China consumption pattern is expected to take backseat as the inflationary pressure is persisting forcing government to take firm steps to curb the heat.
A strong quake of 6.0 magnitude struck on Sunday about 23 miles (37 km) south of Concepcion in Chile. This provides some boost to the ailing prices of Copper.
For now, the MCX benchmark Copper is trading at Rs 443.5 per kg, down Rs 1.5 or 0.3%. Market is expected to remain capped at Rs 446-448 per kg, Supports for the contract will be at Rs 440-438 per kg.
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