In US, Institute of Supply Management data showed that the Non manufacturing index registered 54.4 percent in March, 1.6 percent lower than the 56 percent registered in February. This indicates slower rate of growth in the non-manufacturing sector. The Non-Manufacturing Business Activity Index registered 56.5 percent, which was 0.4 percentage point lower than the 56.9 percent reported in February.
Meanwhile, The approval of Copper ETF by JP Morgan Chase on December 14 was upheld on 28 March 2013. The Copper users were trying that the decision will be reversed. After the decision it is clear that Copper ETF will form part of markets and can create investment demand for the metal that is suffering from high supplies in the markets at the moment.
Dollar was trading marginally lower against the Euro in early Asian trades. Dollar is trading at 1.2848 against the Euro, down 0.05%. Indian Rupee has opened sharply lower against the Dollar and was seen at 54.59, its one month low. The local currency is down by 0.31% in intra day. Metals are expected to get some support from falling Rupee.
Indian Copper was down by 1.3% to Rs 403.3 per kg. The prices tested a high of Rs 408.7 per kg and a low of Rs 403 per kg in intraday. The prices are expected to breach Rs 400 per kg provided the market moves in tandem with LME and sidelines local currency moves.
Among other metals, MCX Nickel breached Rs 900 per kg yesterday and moved sharply lower. The prices were at four month lows and settled at Rs 879 per kg, down almost 2%. Supports for the contract are at Rs 875 per kg while Resistance is at Rs 885 per kg.
Source by Commodity Insights
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