The disappointment over the EU meeting that failed to announce any concrete plan to stabilize peripheral markets and the slowdown in China raised the investor's fears of demand for base metals. This led the metals to recede further during the evening session of trade and huge short selling at domestic bourses further hammered the red metal. Now, the market participants were craving for any positive news out of a conference call to be held on Monday, 19th September by EU and IMF inspectors with Finance Minister Evangelos Venizelos to discuss about Greece plans to plug this year's budget shortfall and provide any key for Greece next 8 billion euro tranche of bailout funding. The dollar index inched up by 0.03% at 76.58 against the basket of 6 major traded peers as the worsening European debt crisis prompted the investor's to cut the risk and go for safe heaven assets. In domestic market at MCX, Copper for delivery in November tested a high of Rs. 413.5 per kg and low of Rs. 403.65 per kg in intraday and is now trading at Rs. 404.5 per kg, tumbled by 2.32% or Rs. 9.6. The open interest added 66.11% to 19,164 lots indicating that huge short selling lurking out in the market and volume traded as of now stood at 75,311 lots against 4014 lots trade last day. The contract was trading below 5-day EMA and the 14-day RSI stood at 38.3. Nickel for delivery in September tested a high of Rs. 1019.1 per kg and low of Rs. 1000.6 per kg in intraday and is now trading at Rs. 1008.4 per kg, down by 1.22% or Rs. 12.5. Zinc was weakening by 1.76% or Rs. 1.8 at Rs. 100.35 per kg. Aluminium was trading flat at Rs. 111.05 per kg and MCX Lead was depreciating by 1.33% or Rs. 1.5 at Rs. 111.7 per kg. Copper futures November contract in Shanghai settled at 63870 yuan per tonne, down 1680 yuan or 2.56% lower. Comex Copper futures most active December contract was trading at $3.808 a pound, down by 0.12% or 12 cents compared to the previous day that ended at $3.9315 a pound.

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