Copper continued to decline yesterday and closed at $6547.75 MT down by around 0.2%. Apart from the slumping crude oil prices which damped the overall trading sentiment, Copper has weak fundamental cues as well that further continue to pressurize the metal. The labor strike at Antamina Copper mine of Peru was resolved and the operations are likely to get started once again giving a further negativity to the metal. The cancelled warrants decline and rise in the inventory prices continue to make the future of Copper bleak. As per the latest quote, Copper is seen trading at $6523.75 MT, down by 0.37% from previous day’s close. Economic data from EU is also expected during the day which may add some further movement in the metal. For today, we recommend selling Copper from higher levels.
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