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Thursday, 4 August 2016

Live Commodity News: Copper At Three Week Low


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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