COMEX Copper tumbled near a three week low today as traders
remained in a cautious mode following cues from key technical indicators. The
metal eased yesterday after a repeated failure to hold above its 200 day
Exponential Moving Average (EMA). The counter witnessed a heavy correction
today as traders looked at this development as a sign of near term weakness.
The contract is currently lingering around 2.1690 per pound, down 1.35% on the
day. The metal is currently just placed above its 100 day EMA and a break under
this level can lead to even greater sell off in the commodity. MCX Copper
futures have also dropped following the global cues and currently trades at Rs
322.20 per kg, down 1% on the day.
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