Mcx Copper Trading Tips Oct-12-2012

Copper prices fell by 0.21 per cent on Friday at the domestic markets due to weak buying activity as traders remained on the sidelines due to concerns regarding the slow economic growth prior to China's trade data over the weekend in order to assess the economic health of the world's top metals consumer.

LME copper stocks rose by 125 metric tonnes to 2,19,550 metric tonnes However, losses were limited after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending October 6 fell more than expected by 30,000 to a seasonally adjusted 339,000 signaling an improvement in labor market in US, world’s largest economy and thus improving the demand prospects for the metal.

Losses were also curbed on increasing demand prospects after central banks in South Korea and Brazil cut interest rates. Brazil Central Bank cut its SELIC target rate by 25bps to new record low 7.25 per cent while South Korea cut its 7-day repo rate by 25bps to 2.75 per cent.

At COMEX, copper futures for December 2012 contract traded at US$3.7365 per pound, down by 0.40 per cent. It opened at US$3.7450 against the previous closing price of US$3.7515. It touched the intra-day low of US$3.7360 till the electronic trading. (At 11.16 am IST). [ Via ]

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