Shanghai Copper market is facing sharp declines in the Copper prices. Markets are reacting on the CPI and PPI numbers from China, which gained significantly as per the latest released reports.
China's consumer price index (CPI), a main gauge of inflation, rose 2.7 percent year on year in February, the National Bureau of Statistics announced Thursday.
Food prices rose 6.2 percent last month year on year, with non-food prices rising 1 percent from a year earlier.
The producer price index (PPI), a major measure of inflation at the wholesale level, rose 5.4 percent in February from a year earlier, up from January's 4.3 percent.
Shanghai Copper May benchmark contract was seen trading at 58440 yuan per ton down 950 yuan.
Last week, Copper prices on LME declined by $ 82 to close at $ 7498 per ton on 12th March 2010.
On MCX, benchmark Copper prices closed at Rs 340.85 per kg as against Rs 342.7 per kg on 8th March 2010.
MCX Copper is expected to find supports at Rs 333 per kg.
