MUMBAI (Commodity Online): MCX Copper is down by 0.75% on Thursday morning trade as a negative industrial growth in China and lower US GDP growth forecast by the US fed put downside pressure on prices.
MCX copper November is currently trading at Rs 385.75 after opening at Rs 388.00 while COMEX copper December is trading down by 3 cents at $3.54
-Chinese industries grew at a slower pace in October. The non manufacturing index fell to 57.7 in October from 59.3 in September while the manufacturing index slumped to 50.4 in October from 51.2 in September. Decreasing industrial activity is seen as negative for Copper prices as the metal demand is driven mainly by robust Chinese consumption.
The US fed lowered their expectations of GDP growth for the next 2 years. US GDP is now estimated to grow at 2.5%-2.9% in 2012, down from the 3.3%-3.7% forecasted earlier.
Technical Target by Angel Commodities for November 3
Support seen at Rs 379 and Rs 384 while Resistance expected at Rs 393.70 and Rs 398.70
No comments:
Post a Comment