CO:MCX copper down 1.81% on strong dollar, weak Europe outlook
MUMBAI (Commodity Online): MCX Copper weakened by 1.81% on Tuesday afternoon trade on account of a strong dollar and a weak European outlook.
MCX copper November is trading at Rs 360.40 after opening the day at Rs 366.10 while COMEX copper December is trading at $3.28, down 0.08%
-The dollar gained against major currencies like the Euro and the Pound. Stronger dollar has a general tendency to weaken dollar denominated commodities like copper.
-Jean Claude Trichet, the Chairman of the European Systemic Risk Board, said that the European debt contagion has become systemic and increased chances of an economic meltdown.
