Copper prices may continue to remain under pressure as prices have been falling steadily this year mostly because of tepid economic growth in China. Copper prices, are by far the worst performer among metals this year. Various macroeconomic influences have added to its misery, ranging from Chinese credit tightening concerns, Russia-Ukrainian tensions, sluggish Japanese data, mixed US data, muted steel demand in China to the overall slide of industrial commodities, pushing it into a bear market, commodity broker Motilal Oswal said in its commodity insight report here. On the MCX, prices can witness a pullback towards Rs 412- 415 after which another round of selling would take it down towards Rs 385-390. We expect prices to take a hold around these levels for the short term.
Posted on: Sun, 16 Mar 2014 17:23:30 +0000
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