MCX Copper-Copper fell by weak France data, high output and strong dollar
MCX Copper prices fell on Today from reversing its previous day’s gains due to French Consumer Confidence fell unexpectedly to 79, from 83 in the preceding month, at its lowest record level since July 2008 signaling weak consumer sentiment in the euro zone's second largest economy which reduced the demand outlook for the metal. At the MCX, copper futures for June 2013 contract were trading at Rs. 409 per 1 kg, after opening at Rs. 406.95 against the previous closing price of Rs. 407.30.Sentiment weakened further as stronger greenback makes copper expensive for those holding other currencies, thus reducing demand.
MCX Copper Facing Resistances at 410.40,412.60,414.30
The U.S. dollar index, a measure of the value of the United States dollar relative to a basket of foreign currencies, was trading 0.28 per cent higher at 84.334 on the Inter-Continental Exchange (ICE) .Prices also fell on reports that Japan's output of copper and copper-alloy fabricated products rose 2.9 percent in April from a month earlier which in turn could lead to an oversupply of the metal. However, losses were curbed due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 1525 metric tonnes to 619650 metric tonnes At COMEX, copper futures for July 2013 contract traded at US$3.3100 per pound, down by 0.15 per cent. It opened at US$3.3100 against the previous closing price of US$3.3150.
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