The good news out of euro zone reduced the fears on European sovereign debt crisis as the Germany Constitutional Court rejected a series of lawsuits aimed at blocking Germany's participation in bailout package for Greece and other countries in Euro zone.Further, the expectations that Obama may unveil $300 billion package in tax cuts and government spending as part of a job-creating package added to the positivity. But still the metals move sideways during the evening session of trade on lagging risk appetite. The rise in euro on easing fears about the European debt crisis led the dollar index to plunge by 0.42% at 75.6 against the basket of 6 major currencies. In the domestic market at MCX, Copper for delivery in November tested a high of Rs. 419.1 per kg and low of Rs. 416.5 per kg in intraday and is now trading at Rs. 417.9 per kg, up by 0.43% or Rs. 1.8. The open interest added 12.02% to 19,086 lots and volume traded as of now stood at 30,122 lots against 84,593 lots traded last day. The contract was trading just above 9-day EMA and the RSI stood at 52.3. Nickel for delivery in September tested a high of Rs. 979.7 per kg and low of Rs. 966.9 per kg in intraday and is now trading at Rs. 977.5 per kg, up by 1.38% or Rs. 13.3. The open interest dipped 11.3% to 11,380 lots indicating some short covering and volume traded as of now stood at 16,725 lots against 46,088 lots traded last day. The contract was trading just below 5-day EMA and the RSI stood at 44.5. Other metals at MCX were trading in a flat note. Aluminium was trading at Rs. 109.2 per kg and Lead was trading at Rs. 112.25 per kg.. MCX Zinc was trading at Rs. 101.5 per kg. Copper futures November contract in Shanghai settled at 67450 yuan per tonne, up 670 yuan or 1% higher. Comex Copper futures most active December contract was trading at $4.0815 a pound, up by 0.03% or just 3 cents compared to the previous day that ended at $4.056 a pound.

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