MCX Copper Trading Updates

Three-month copper prices were marginally higher in early Asian trades although the range remained tight on more U.S. stimulus hopes against bearish China manufacturing data. Copper was trading at $ 7632.25 a metric ton, up 0.2% from its previous settlement.

Inventories slippage has been other aid for Copper prices. Inventories kept on slipping in London warehouses and now stand at 229900 tonnes, that is 38% lower from January 2012 levels.

In Indian markets, after testing a one month high of Rs 432.9 per kg, Copper ended the week at Rs 427 per kg on heightened profit booking and disappointment from US Federal Reserve Chairman speech. The markets are likely to open higher with November contract likely to test Rs 431-432 per kg in opening quotes.

Manufacturing activity in China slowed down that will hamper the pace of buying in Copper and other metals. Chinas manufacturing activity slid further in August, with the purchasing managers index (PMI) standing at 49.2 percent, the lowest pace in nine months. Via

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