AHMEDABAD (Commodity Online): Copper had seen the biggest drop in week, as yesterday’s fall spurred investors’ demand for the metal as an alternative asset amid concern that the global economic recovery is not yet assured.
Copper February delivery contract on MCX slips by 0.70 percent to 435.10 per kilogram as traders and investors take sell position after price failed to sustain above record high level of 445 rupees.
On Wednesday evening, Weakness in Silver prices pushed Copper prices to week low including other industrial metals. Metal prices erased earlier gains and ended mildly lower tracking heavy selling pressure in Silver future in international market.
“Overall sentiment remains unbiased for now with prediction that Copper future may rise on bottom fishing in coming days tracking positive moment in other metals,” said Amrita Mashar, analyst with Commodity Online.
