Copper prices dip down at LME by 3.2%. Other base metals too fell resulting in decline in copper prices. Worries about Europe’s debt crisis in the region had weighed down copper.
The MCX may trade weak in the coming days due to the negative bias tracking the international market. The recessionary fears in the Western World can be the main reason for the down trading of copper at LME. Support for November copper is seen at Rs.342 and resistance at Rs.357.
But most of the producers see this on the positive side. With the LME price down for copper, more Chinese buying will be seen.
But on the other hand, customers are also become very cautious in placing the orders. They are avoiding each and every step of over piling the copper stock. They are more interested in flexible deliveries.
