BS:Copper down 2% as Cyprus plans to tax bank deposits
Copper moved down nearly by 2% in today's trade on the back of Cyprus government wanting to tax bank deposits.
The Cyprus government is currently contemplating on taxing bank deposits causing panic in the Euro Zone, base metal analysts said.
The over all trend also is bearish due to rise in inventory.
Today, 18,100 tonnes of new stocks were deposited in the London Metal Exchange (LME) registered warehouses to 5,43925 tonnes which is equivalent to four months of global consumption.
Copper on LME in earlier trade fell to its four month low at $7,545.75 a tonne, while the July contract on the Shanghai Futures Exchange (SFEX) nose dived to it's seventh month low before cutting losses to trade at 55,190 yuan ($8,900) a tonne, down 3.2%.
Copper April contract on Multi Commodity Exchange (MCX) was down by 1.9% to Rs 415.65 per kilogram.
