MCX Copper updates

MCX Copper futures are trading in a thin range today though intraday rallies towards Rs 450 per kg levels were met with heavy resistance. The metal edged up in early moves amid a mixed outing for Asian stocks as the weakness in US dollar supported the sentiments. The LME Copper futures slipped after a massive rise in inventories data though and currently trade at $8021, down $51 per barrel on the day.

Last week, the metal jumped to two and half month highs as HSBC flash purchasing managers' index for December rose to 50.9, a 14-month high and the fifth straight monthly gain. However, the metal dropped under $8100 per tonne as US stocks slipped for a third consecutive session on Friday. The selling remained in place today after the inventories rose by a whopping 25825 tonnes to 298625 tonnes- its highest level in nearly one year.

MCX Copper futures hit a high of Rs 448.95 per kg and slipped. The counter quotes at Rs 446.25, up Rs 0.95 per kg with a massive 9% increase in open interest. The rallies to Rs 450 level seem to be witnessing heavy short selling.

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