MUMBAI: Copper slipped today after a firm start, touching upper circuit on heavy profit taking in the second half by traders tracking gloomy global economic outlook.
MCX Copper contract which was once trading at a intra day high of Rs 174 plummeted to Rs 161.3 per kg at the close up only Rs 2. The smart performance of Copper in the first half of the session was linked to earthquake to the world largest Copper growing region Chile.
Supports for the contract are at 159.80 levels breaching which sharp correction is expected in the prices. Resistances are at 165 levels. LME inventories data supported the fall with stockpiles on Tuesday jumping by another 12375 tons to 451800 tons. This marks a rise of 80 percent in Copper from January 2008.
Analysts expected that the tremors will affect the production of Copper in the coming days.
