Copper Derails as Shorting Continues

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Gold Silver Reports — Domestic Copper prices faced the heat of events turning soar for bulls. The prices of MCX Copper declined by 1.26% to trade at Rs 368.50 per kg. Copper dipped to Rs 368 per kg on the evening session and tested a high of Rs 372.40 per kg on the higher side.

Value has faltered after BHP Billiton restarted production in Chile last week and Freeport McMoRan said it was waiting for final details on a temporary export permit in Indonesia.

The (copper) market over-reacted to supply disruptions and is moving back towards levels that are more justified, though prices should drop below $US5500 in International markets.

Copper has faltered after BHP Billiton restarted production in Chile last week and Freeport McMoRan said it was waiting for final details on a temporary export permit in Indonesia. Union representatives and executives from miner Southern Copper in Peru failed to reach an accord to end an indefinite strike, the union said.  — Neal Bhai Reports

Copper derails as shorting continues | Gold Silver Reports