UTV: Copper Derails On Lack Of Supports From Participants
Copper prices have derailed on lack of supports from the participants and a totally negative scenario for metals in China. The dollar is on a slight disarray against the EURO but that hasn't shaken the bears.
Dollar is now trading at 1.3882 against the EURO down 18 pips.
Copper prices have fallen around 7 percent in January, weighed by a combination of rising LME stocks and weak fundamentals. The latest data showed stocks rose 875 tonnes to total 541050 a near one year high.
MCX Copper is now at Rs 309 per kg down Rs 2. The prices might see some further selling on a bounce towards Rs 313-314 levels.
