AHMEDABAD (Commodity Online): MCX Copper settled almost unchanged after dropping Friday after manufacturing data from China showing a lacklustre start to the year. Poor manufacturering numvers indicates reduction in expectation of demand from Worlds top consumer of metal.
Weak Euro also keep further pressure on metals price in earlier week. Supply contraines and continuous decreasing inventories at LME helped Copper futures to hit 3-months high. Copper inventories listed by the LME fell to their lowest Since October 20009 on friday.
MCX Copper futures to trade in range of 413 to 420 in ongoing week. China market will remain close for entire week due to Lunar New Year holiday. Metals prices to remain range bound till January end as low volume has expected in Asian market.
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