MCX Copper Outlook :
MCX Copper may trade with a negative bias tracking international markets. LME copper trades more than 3% lower in early trades today after sharp decline yesterday. Weighing on prices is lingering debt concerns in Euro Zone and concerns over waning demand amid recessionary fears in Western nations. Also putting pressure on prices is firmness in US Dollar and weakness in equities amid risk aversion in the markets. The downside may however be capped as prices may seek support from ongoing strikes at Freeport’s Peruvian and Indonesian copper mine. Further supporting prices is falling stocks at LME warehouses. Stocks at LME rose by 250 tonnes yesterday after falling by 16900 tonnes last week.
Prices will further track economic releases and its impact on global equity and currency markets. As for today, focus will be US Initial Jobless claims, Philly Fed Manufacturing Index and existing home sales. Support for November copper is seen at Rs.342 while Resistance is seen at Rs.357.
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