Indian Copper futures ended the trading at Rs 410.1 per kg, up 0.16 percent. The prices tested a high of Rs 412.7 per kg and a low of Rs 408.6 per kg. The metal is expected to open lower considering the slowdown in LME and fall in Dollar against the Indian Rupee. INR was trading at 58.73 against the Dollar, up 0.07 percent.
Meanwhile, Central bank in China has said that there will not be any policy loosening. People's Bank of China (PBoC) Tuesday drained 2 billion yuan from the money market despite banks' reported call for cash injection, suggesting regulators are keen to keep liquidity tight amid growing jitters of China's financial risks. The 2-billion 91-day bills, though tiny by amount, were viewed as the central bank's commitment to squeezing out excessive funding.
China manufacturing data is also keenly watched by the traders as that will show the state of affairs in terms of demand for metals. In fundamental news, the possible restart of mining operations at Freeport Indonesia's Grasberg mine could pare the supply disruption premium factored into copper prices
Source by Commodity Insights
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