Copper May Witness Trading At $6625 Down By $11, Selling Recommended
CommodityOnline | May 02, 2014 07:17AM ET
3 month forward LME copper by end of the day ended at $6645 recovered smartly from the intraday low of $6591. We believe the price recovery has been merely due to short covering, copper inventories falling by 2325 tons in a single day at LME and the US markets turning marginally positive. In the similar lines the price performance at MCX platform was noticed that the commodity for June delivery ended at Rs. 406.95. This morning at LME copper is seen trading at $6625 down by $11 from its previous close. We believe Asian markets trading marginally lower, the USD trading steady and in the SHFE trading down by 0.70% may keep the commodity prices lower. Hence, we suggest selling the metal from higher levels for today’s trading session. Also, as discussed in the other section, during the US session we might see some sort of price recovery ahead of positive economic data from the US. For today, we recommend selling copper contract for the day.
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