COPPER IS LIKELY TO TRADE SIDEWAYS DURING THE MORNING SESSION
Date: 09/04/2012
Copper is likely to trade on sideways during the morning session on Monday, 9th April as the increase in Chinese inflation coupled with the bleak data from the US during the last week might pressurize the metals. Also, investors were eyed onto the more economic data from the US and Chinese trade data due later this week to get more cues for further trading.
Inflation in China increased more than expected to 3.6% in March after easing to a twenty-month low in February, as per the National Bureau of Statistics.
Copper tumbled on Thursday, 5th April amidst the bleak data from the China whose HSBC PMI fell to 53.3 in March compared with the 53.9 registered in the previous month. Also, the investors focus on the US payrolls due on next day also caused pressure on the risky assets and led the metals to end in negative territory.
Copper plunged by 1.3% at $8340.5 per tonne on Thursday at LME. Comex Copper ended flat at $3.7955 a pound compared to $3.7905 a pound traded last day. MCX Copper shed by 0.2% or R 0.8 at R 430 per kg and tested an intraday high at R 433.1 per kg and low at R 429.3.
The dollar index buoyed by 0.4% at 80.03 against the basket of 6 major currencies as the gloomy environment in the global markets led the investors to flee away from risky assets and stay on safe haven dollar.
U.S. jobs growth raised concerns about the strength of the world's largest economy, making investors cautious ahead of more U.S. data. U.S. payrolls grew by 120,000 in March, far below the expected gain of 203,000 jobs and the smallest increase since October. Unemployment rate unexpectedly improved to 8.2%, a three year low.
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Date: 09/04/2012
Copper is likely to trade on sideways during the morning session on Monday, 9th April as the increase in Chinese inflation coupled with the bleak data from the US during the last week might pressurize the metals. Also, investors were eyed onto the more economic data from the US and Chinese trade data due later this week to get more cues for further trading.
Inflation in China increased more than expected to 3.6% in March after easing to a twenty-month low in February, as per the National Bureau of Statistics.
Copper tumbled on Thursday, 5th April amidst the bleak data from the China whose HSBC PMI fell to 53.3 in March compared with the 53.9 registered in the previous month. Also, the investors focus on the US payrolls due on next day also caused pressure on the risky assets and led the metals to end in negative territory.
Copper plunged by 1.3% at $8340.5 per tonne on Thursday at LME. Comex Copper ended flat at $3.7955 a pound compared to $3.7905 a pound traded last day. MCX Copper shed by 0.2% or R 0.8 at R 430 per kg and tested an intraday high at R 433.1 per kg and low at R 429.3.
The dollar index buoyed by 0.4% at 80.03 against the basket of 6 major currencies as the gloomy environment in the global markets led the investors to flee away from risky assets and stay on safe haven dollar.
U.S. jobs growth raised concerns about the strength of the world's largest economy, making investors cautious ahead of more U.S. data. U.S. payrolls grew by 120,000 in March, far below the expected gain of 203,000 jobs and the smallest increase since October. Unemployment rate unexpectedly improved to 8.2%, a three year low.
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