Copper prices that tested 3 week high on MCX last night has come under pressure in opening trades due to weekend profit booking and eradicated sentiments related to QE3 by feeble jobless claims. The US Labour department last night said that the initial claims were 417000 in the week ending 20 Aug as against 412000 in the previous week. The 4-week moving average was 407500, an increase of 4000 from the previous week's revised average of 403500. What were going behind Copper till Thursday night before the report were the expectations that the Federal Reserve Chairman can announce Quantitative Easing measures. The catalyst for rise has also been the focus on China. Every time markets feel jittery traders start looking at China as one of the surviving force. So far China has helped the metal quite considerably. The latest report of China refined Copper imports showed a rise of 8.8% to 194280 tons. MCX Copper is now seen trading at Rs. 413 per kg, down Rs. 3 or 0.7%. Copper tested a high of Rs. 415.5 per kg and a low of Rs. 412 per kg.

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