On deteriorating global economic outlook, the better than expected US consumer expenditure data came as a sparkle which coupled with much short covering in the market weighed on the copper much and led the metal to continue trading higher. Meanwhile, Nickel was trading lower due to less demand from the alloy makers in the market. While other metals remained lackluster during the evening session focusing on the US consumer confidence to be released today adding to the global economic concerns. The dollar index was strengthening by 0.64% at 74.1 against the basket of 6 major currencies amid hopes on the growth economic recovery within the country. In the domestic market at MCX, Copper for delivery in August tested a high of Rs. 420.25 per kg and low of Rs. 415 per kg in intraday and is now trading at Rs. 418.3 per kg, up by 0.92% or Rs. 3.8. The open interest dipped sharply by 49.89% to 4161 lots and volume traded as of now stood at 30,243 lots against 56,450 lots traded last day. The contract was trading between 50-day and 100-day EMA and the RSI stood at 58.11 Nickel was weakening by 0.58% or Rs. 5.9 at Rs. 1004.6 per kg. The open interest dipped sharply by 51.34% to 2673 lots and volume traded as of now stood at 14,358 lots against 20,972 lots traded last day. MCX Aluminium was trading flat at Rs. 108.05 per kg. MCX Zinc was trading flat at Rs. 103.85 per kg and Lead was trading flat at Rs. 115.2 per kg. Copper futures November contract in Shanghai settled at 68150 yuan per tonne, up 800 yuan or 1.19% higher. Comex Copper futures most active September contract was trading at $4.1225 a pound, up by 0.82% or just 3 cents compared to the previous day that ended at $4.089 a pound.

Source