Lower level buying is emerging in Copper. The prices of domestic markets are at Rs 318 per kg after testing a low of Rs 316.75 per kg earlier during the day. The prices tested a high of Rs 321 per kg.
Last night, fall in Copper was the resultant of the lack of support from China. Earlier in 2009 China bought hefty amounts of Copper for its reserves even if the demand was not emerging at the robust pace. Now when there are fears of monetary tightening measures and sucking of excess liquidity Copper is finding difficulty even to sustain the support levels. There has been a constant decline in each of the three trading sessions without any signs of consolidation.
In a important event, the U.S. Labor Department said that jobless claims were down 8,000 last week to 470,000, more than expected. The U.S. Census Bureau said that durable goods orders were up .3% in December, less than expected.
