Copper.......
Copper
crushed below $ 7000 per tonne on Wednesday as the weight of FOMC
decision seemed to be taking the toll on the metal. Federal Reserve
Chairman Ben Bernanke will be speaking on the plans of monetary stimulus
programme. LME metal three month prices of Copper were trading at $
6998 per tonne when last checked which almost a two month is low for the
metal.
Indian Copper futures ended the trading at Rs 410.1 per
kg, up 0.16 percent. The prices tested a high of Rs 412.7 per kg and a
low of Rs 408.6 per kg. The metal is expected to open lower considering
the slowdown in LME and fall in Dollar against the Indian Rupee. INR was
trading at 58.73 against the Dollar, up 0.07 percent.
Meanwhile,
Central bank in China has said that there will not be any policy
loosening. People's Bank of China (PBoC) Tuesday drained 2 billion yuan
from the money market despite banks' reported call for cash injection,
suggesting regulators are keen to keep liquidity tight amid growing
jitters of China's financial risks. The 2-billion 91-day bills, though
tiny by amount, were viewed as the central bank's commitment to
squeezing out excessive funding.
China manufacturing data is also
keenly watched by the traders as that will show the state of affairs in
terms of demand for metals. In fundamental news, the possible restart of
mining operations at Freeport Indonesia's Grasberg mine could pare the
supply disruption premium factored into copper prices
Source by Commodity Insights
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