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Copper May Trade Moderately Bearish, Trading At $6702 Down By 0.40%

ByCommodityOnline
Published 05/06/2014, 05:42 AM
Updated 05/14/2017, 06:45 AM



On Monday LME copper prices for 3 month forward ended positive at $6719 up by $74 from its previous close while on Tuesday the market was closed. However, the copper contracts were trading in SHFE and COMEX platform. On Tuesday the copper prices for immediate delivery ended steady at 48920 Yuan/MT while in the COMEX for July delivery it ended lower at 305.35 levels. In the similar lines copper prices at the domestic market for June contract closed at Rs. 409.85 down by Rs. 1.80. We saw decline in the prices last day but the pace of fall was minimal due to closure of LME market.

However, the weakness which was seen due to poor HSBC manufacturing data from China may continue to weigh its impact in the near term. This morning at LME copper is seen trading at $6702 down by 0.40% from its previous close. We believe it’s the effect of poor economic number from china which is keeping the commodity undertone and likely that the underlying may remain weak in today’s trading session. We believe copper may trade moderately bearish for the day. However, Asian markets trading marginally positive and the USD index is onto a bearish mode may not permit the red metal to fall much. Therefore, we may also develop a pair trading in any of the metals with copper.

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