Copper Marginally Down By 0.8% And 0.5% At LME
CommodityOnline | Mar 03, 2014 05:36AM ET
--Presently copper prices are trading marginally down by 0.8% and 0.5% at LME and SHFE platforms. However copper at the MCX platform might open marginally on a negative note owing to the Indian rupee which is trading almost on a flattish note against the dollar.
--The commodity might decline taking negative cues from its cancelled warrants which have declined by almost 6% from 156,050 MT to 146,625 MT in the last three trading sessions.
--We had the Chinese manufacturing PMI data during the morning session which was mostly in line with the market expectations. However the overall manufacturing has been declining which might have negative impact on the copper prices. As the day progresses we have manufacturing numbers from Euro-Zone and US which might decline and put additional pressure on the commodity. Overall recommend selling copper on pullbacks. On a weekly basis also we have selling view on copper.
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