MUMBAI (Commodity Online): MCX copper is trading down on Wednesday morning trade despite positive data emerging out of the world's top copper consumer- China.
MCX copper February contract is trading at Rs 414.95, down 0.53% as of 11:48 AM IST. COMEX copper February contract is also trading in the red.
-China's manufacturing PMI for the month of January rose to 50.5 from 50.2 in December. A reading above 50 indicates economic expansion. Analysts see the stronger than expected PMI figures as an invalidation to the Chinese hard landing expectations in the investor sentiment.
A recent Morgan Stanley report had suggested that Copper could be bullish for the next 2 years on the back of a supply deficit.“We expect a 100,000-metric-ton supply deficit in the refined copper market 2012, despite a soft economic outlook, due to expectations for further production losses”, the report said.
MCX Copper chart
Technical target for Feb 01, 2012 by Angel Commodities
MCX Copper Feb support at Rs 410.40/Rs 413.80 and resistance at Rs 419/ Rs 422.40
