Short selling seen in Copper and Lead at MCX Lingering European debt concerns that is still elusive coupled with Fed lull on further stimulus measures led the metals to trade in sideways with negative momentum on Wednesday. Comex Copper future for the most active March contract was trading at $3.392 a pound, down 1.44% (5 cents). SHFE Copper future for most active February 2012 contract settled at 55720 yuan per tonne, down 0.77% (430 yuan). Likewise at MCX, Copper for delivery in February was plunging by 0.78% or Rs. 3.2 at Rs. 405.05 per kg. Investors were latched onto the Italy and Germany bond auction that will sell a combined 8 billion euros ($10.4 billion) of debt and German Chancellor Angela Merkel speech due today in German parliament which focuses on the rescue package announced by European leaders for the region last week The dollar index remains steady at 80.27 after rallying to the 11-month high against the basket of 6 major currencies amid gloomy global economic concerns in the market. Among other metals in the domestic market at MCX, Nickel for delivery in December tested an intraday high of Rs. 976 per kg and low of Rs. 966.3 per kg and is now trading at Rs. 968.3 per kg, down 0.77% or Rs. 7.5. Zinc was drooping by 0.93% or Rs. 0.95 at Rs. 101.5 per kg. Aluminium was trading lower by 0.47% or Rs. 0.5 at Rs. 106.75 per kg and MCX lead was also weakening by 0.81% or Rs. 0.9 at Rs. 109.55 per kg.

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