MCX Copper Updates

MCX Copper nov futures are quote slightly lower at present, tracking the weak worldwide cues as the equity stock markets about the world gave up some of their latest gain amid doubts over global economy and profit selling ahead of the weekends. A technology stock, particularly Google was hit hard yesterday after a poor earnings outcome for the September quarter and the undertone in Asia and Europe turned mostly bearish today. Euro also dropped for a second day and LME Copper futures are quoting at $8114, down nearly 90 dollars per tonne on the day or 1.06%.

The Euro dropped yesterday as traders eyed the newest European assembly summit. The meeting wrapped up the instance meeting Thursday night and said it has set a closing date of Jan. 1 to agree on a governmental framework for a single decision-making mechanism. The single currency extended losses from a one month high of 1.3140 against the US Dollar and quotation marks around 1.3050 right now.

Copper nov had witnessed a flat session yesterday after Chinese market grow at its weakest pace in around three years. The red metal tanked through $8200 per tone today, as a failure to hold on above the mark hurt the sentiment. London Metal Exchange Copper nov inventories witnessed a big fall of 4250 tonnes today. The inventories are at 220900 tonnes right away.

This draw in inventories may possibly hold the commodity in case the prices fall further. Traders would be eying development European committee meeting on its second and last day. MCX Copper futures for November are trading at Rs 440.85 per kg, down Rs 2.20 per kg on the today. The counter has witnessed a 1% rise in the open interest. Prices could ease towards Rs 439 levels during the route of the session.