Indian Copper declined by more than Rs. 380.4 per kg at the end day of Thursday. The prices declined by 0.95% to end the trades just above Rs 380. Coming to the resistances for Copper in coming days, Rs. 385 and 390 looks a difficult zone to breach.
However, sentiment has been improved by strong manufacturing data from the U.S. and China, which accounts for almost half of global copper consumption estimated at about 22 million tonnes this year. Strong data from the U.S is one cause behind the stronger dollar, which has now been witnessed by traders as a hint of economic strength.
Meantime, MCX Gold futures closed up about 1 percent at Rs 27,946 per 10 grams after hitting a high of Rs 28000 per 10 grams. Gold rose to its highest peak in one month on Thursday, approaching USD 1180 per ounce levels since the dollar down further below a 14-year peak earlier this week. The precious metal has been rising this year after reaching lower around its 11 month low in December 2016. Dollar index has fallen near 101 levels in Asian trades today.
Elite Investment Advisory Services
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