Copper futures little changed
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Copper futures were little changed on Tuesday in subdued trading with no cues from the international markets, which were closed for New Year, analysts said.
Analysts expect a downward trend to return from Jan 3 when global markets resume trading.
“It’s an absolutely dull market. We expect the market to be range bound with no triggers to move prices today.”. Harish Galipelli, senior analyst with Karvy Comtrade, said.
“However, the outlook is bearish but we will get cues from tomorrow’s trading after the international markets open,” Mr. Somnath Dey, head of metals and energy research at Religare Commodities Ltd, said.
The February contract has fallen by 12.6 per cent in 2007 as investors worry the global credit crunch and US growth outlook may hit demand for the metal, which is used in building and electrical items.
Copper for February delivery traded at Rs.266.50, up 0.19 per cent from the previous close.
On the downside, Rs.263 is a good level to watch copper, Mr. Galipelli said.
Zinc for January delivery was quoted at Rs.93.85 a kg, up 0.11 per cent, while January lead rose by 0.15 per cent to Rs.101.70.
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Source : Business Line |
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