Investors are on the tenterhooks of the European summit decision, which is due later today. But the opposition from Germany and the European Central Bank dousing hopes that it would boost its bond-buying to help fight the euro zone's debt crisis weighed on the sentiment and kept the investors on sidelines during the mid morning on Friday, 9th December. Comex Copper future for most active March contract was trading at $3.493 a pound, slipped by 0.2% (1 cent). SHFE copper future for the most active February contract was trading at 57350 yuan per tonne, down 0.8% (460 yuan). Likewise at MCX, Copper for delivery in February was trading flat at Rs. 407.05 per kg with its high at Rs. 408 per kg and low at Rs. 406.6 per kg. Meanwhile, China the world's second-largest economy released key economic data on Friday, with the country's consumer inflation rate easing sharply to 4.2% in November, compared to a 5.5% rise in October and recorded as lowest level in more than a year. The reading came in just below the 4.4% increase that had been expected but could not bolster the metals to trade in positive direction as the Europe summit acted as a catalyst. China's Industrial Production in November was up by 12.4% on y-o-y basis, which is lesser than expected of 12.6%. The reports hinted that European leaders dropped the proposal for an EU-wide treaty change as the leaders faced opposition from many EU members, including the U.K. France and Germany had wanted all 27 members to back treaty changes to control budgets. Despite the cloudy environment, the Euro area governments are preparing to boost the International Monetary Fund resources through bilateral loans that could amount to EUR 200 billion and also prepared a new fiscal compact to achieve close economic and fiscal union exacerbated the hopes European leaders are near to find a solution to curtail the region's debt crisis and cramping the metals from its further fall. The dollar index edged up by 0.25% at 79.03 against the basket of 6 major currencies as the sliding euro amid the uncertainties in the euro zone solaced the dollar. Among other metals in domestic market at MCX, short covering was seen in Zinc as investors are covering their positions due to short selling yesterday. Zinc for delivery in December was surging by 0.48% or Rs. 0.5 at Rs. 104.05 per kg with its intraday high of Rs. 104.3 per kg and low of Rs. 103.65 per kg. Nickel remains unchanged at Rs. 950.3 per kg. Aluminium was trading flat at Rs. 107.85 per kg and Lead was also trading flat at Rs. 109.1 per kg.

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