Investors were trading on sidelines pending their clear direction during the mid morning on Thursday, 8th December as the rumours on progress of the European summit on Friday kept the investors in elusive mode. Comex Copper future for most active March contract was trading flat at $3.5595 a pound. SHFE copper future for the most active February contract was trading at 57880 yuan per tonne, down 0.29% (170 yuan). Likewise at MCX, Copper for delivery in February firmed by 0.43% or Rs. 1.75 at Rs. 409.75 per kg with its high at Rs. 410.25 per kg and low at Rs. 408.75 per kg. The rumour that a senior German government official expressed doubts regarding a deal at Friday's summit where France and Germany are endorsing a plan that would impose stricter fiscal discipline among euro zone countries coupled with Standard & Poor's warning to the European Union's long-term triple-A rating citing its exposure to several European banks which are already under threat hampering the metals. But, the hopes on two major events this week such as is paving the way for metals trading EU meeting, along with possible announcements by theEuropean Central Bank of measures to fight the debt crisis lateron Thursday are paving the way for metals trading. Further, investors were also eyed onto the slew of Chinese data such as inflation and industrial output to be released on Friday, which is also a yardstick to decide the demand for base metals. The dollar index buoyed by 0.18% at 78.4 against the basket of 6 major currencies as the sliding euro amid the mixed news out of Europe weighing on the dollar. Other metals in domestic market at MCX, Nickel for delivery in December was gaining by 0.79% or Rs. 7.4 at Rs. 942.2 per kg. Aluminium was trading flat at Rs. 108.25 per kg and Lead was also trading flat at Rs. 109.75 per kg. MCX Zinc was trading flat at Rs. 105.3 per kg.

Source