MCX Copper subdued; recovery expected in evening session

MCX COPPER SUBDUED;RECOVERY EXPECTED IN EVENING SESSION

Copper futures for April delivery on India's Multi Commodity Exchange (MCX) is trading down by around 0.10% and is expected to recover in the evening session.

Intra-day traders may take positions accordingly.

MCX copper futures for April delivery was down by 0.10% at Rs.381.90 per kilogram as of 02.04 PM IST on Monday.
Copper futures on London Metal Exchange (LME) is trading slightly down amid concerns that lower-than-forecast growth in the United States and China would dampen copper demand.

US monthly personal income and spending data is scheduled to be released at 1230 GMT (06.00 PM IST) today.
Less than expected US GDP data is putting pressure on futures movement in the global market.
The weaker-than-expected U.S. GDP data is still weighing on the market,” Lelia Kim, a metals trader at Tong Yang Securities Inc., said to Bloomberg.
“Given the growth picture in China remains weak, we don’t expect much improvement in Chinese buying right after the holidays. Trading will be also thin while China is closed,” Lelia added.

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