Copper and other metals declined, hit by fears of a global economic slowdown on contracting EU and Chinese manufacturing activity and weak US private-sector jobs data. In international market last trading session was a bad dream for most of commodities. The premium of LME cash copper over 3-months material fell to $65, after shooting up to $149 per ton on Monday, the biggest since early August 2008. The drop indicates less tightness in immediate supply. So here is a huge posibilities that those commodities which are affected in internation market will not be safe in local markets also.
In MCX Copper it was trading at its best. In its last trading session it has got 445 level which was a new all time high. Although mcx copper has a strong resistance at 451 and a strong support at 437. In today's trading session we suggest to sell MCX Copper at higher levels.
