MUMBAI (Commodity Online): Copper is trading down in the domestic futures market on Monday on the back of worsening global sentiments due to the rise of US dollar and the weak equity market.

MCX copper is trading at Rs 338 per kg, down Rs 1.70. The contract is expected to find Resistances at Rs 342. The floor price is expected at Rs 333, from where supports will emerge.

This will ensure that the Dollar will remain in a robust mood for some more time against the EURO. The greenback was at 1.3504 against the EURO when last seen, up 27 pips.

The LME 3-month forward copper traded mostly lower for the day as market factors were mixed. Prices ticked low by 0.68% to $7,435 per tonnes, with intraday high of $7,550 per tonnes.

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The London Metal Exchange maintained Copper inventory saw an outflow of 1,200 tonnes to closing levels of 522,975 tonnes. The cancelled warrants ratio, material earmarked for delivery rose to 0.042 as the prior day’s levels of 0.041.

As per the World Bureau of Metal Statistics, the global copper market recorded an 86,900 tonnes surplus in January, with refined copper production of 1613K tonnes and consumption of 1526.1K tonnes. World copper mine production in January was 1.29 million tonnes, 2.6% higher than in the same month last year.

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