Despite the trading opportunities support in the domestic futures market, copper futures on Tuesday turned red. Global demand for the metal is seen bleak.
MCX Copper February expiry is trading at Rs 173.20 per kg, the same is now at Rs 171.8 per kg. Supports are at 169 and 166 levels. Resistances are at 174 levels. June contract dipped by 1 percent to Rs 177.6 per kg.
LME Three month forward prices were at $ 3561 per ton up $ 80. The cost of imported copper remained lower than prices in the domestic market for much of last month, providing attractive margins for spot imports, even though the Chinese economy is caught in the grip of the global financial slump.
