Copper markets corrected sharply on Friday as risk aversion creeped in the metal ahead of weekend. Profit booking was evident in Copper since the morning and this got intensified in the evening. In domestic markets, Copper tested a 1 week low.
MCX Copper closed at Rs 338.9 per kg, down Rs 2. Markets tested a low of Rs 335 per kg.
Shanghai Copper closed the trading sharply down by 1030 yuan per tonne to 57050 per tonne.
Dollar appreciated after the news that the European central bank may exit from the stimulus packages by Q1 2011. Dollar ended the day at 1.2705, up 114 pips against the EURO.
Markets already gobbled the news of rising jobless claims from the US earlier in the week. The labor department report showed that there was unexpected increase in jobless claims. The report showed that the initial jobless claims rose to 500000 from the previous week's revised figure of 488000.
