MCX Copper closed at Rs 413 per kg on Saturday. The weakness from higher levels is expected in the local contracts as Rupee has regained some lost ground versus the Dollar. Rupee was trading at 55.29 against the Dollar on Monday.
This indicates a probable slow opening for the metal in MCX. Supports for Copper are at Rs 409 per kg. LME Aluminium was trading at $ 1860 per tonne, compared to $ 1840 per tonne last week.
Last week, Standard & Poors Ratings Services cut the ratings for 15 Italian banks, citing a potentially deeper and more prolonged recession in Italy than originally anticipated.
The agency revised the economic risk score for Italy, one of the main components of its Banking Industry Country Risk Assessment, to five from four.
In its monetary policy statement Peoples Bank of China has said that overall, the financial institutions lending will remain strong, and credit to support economic development.
Peoples Bank of China will continue to implement the deployment of the CPC Central Committee and State Council and adhere to the scientific theme of development and accelerate the transformation of economic development the main line, a good grasp of progress while maintaining stability. [ News Via ]
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