Copper prices are hanging on to minor gains as the markets continued to dwindle between good and bad. The report from China Purchase Managers Index improved marginally in August but remained below 50 to stand at 49.8. Last month the July reading hit 28 months low of 49.3. This showed that Chinese demand probabilities were not so favourable as the traders view.
In currency markets, Dollar was trading at 1.4393, down 40 pips. The rise of EURO agaisnt the Dollar is currently the only support for metal.
MCX Copper August expiry is trading at Rs 402 per kg, up Rs 3 up 0.9%. The markets are on day's high at this moment. The day's low for the contract is at Rs 399.4 per kg.
