Copper May Trade Down

Published 01/10/2014, 05:58 AM
Copper
Copper witnessed a huge fall in its prices in the yesterday's trading session at the LME platform down by 1.8% to close at $7213/MT mark.

Copper Stockpiles monitored by exchanges in London, New York and Shanghai are at the lowest since November 2012, with LME inventories dropping for a 46th consecutive trading session day is not providing any respite to copper prices as the red metal has been declining on concerns of slowdown in Chinese economy.

Copper might decline amidst concerns that the Chinese economy may slow down As mentioned earlier China's PPI which extended its decline for twenty two consecutive months is adding to the evidence that the economy weakened. For the day we recommend selling in the commodity on pullbacks.

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