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Free MCX Tips : Copper futures ended in the red in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid weakness in overseas market where traders resorted to profit booking after prices surged to a four-week high earlier in the week after Chinese producers signaled that they may scale back output, while thin trade ahead of the Christmas holiday also weighed on sentiment.
The losses in the base metal were curbed by upbeat US economic data which signaled that the world’s biggest economy is in strong shape to withstand higher US interest rates.
While consumer spending buoyed US economic growth in the September quarter, jobless claims hit a four-week low, paving the way for an acceleration in domestic consumption. US jobless claims fell by 5,000 to 267,000 in the week ended December 19, 2015.
Copper may retreat today as a sixth straight drop in China’s industrial companies’ profits in November raises fears over a hard landing in the world’s second biggest economy, clouding the demand outlook for copper.
Trading volumes may remain light this week as many investors have already closed books due to the holiday period, curbing liquidity in the market and increasing volatility.
At the MCX, Copper futures for February 2016 contract closed at Rs 313.3 per kg, down by 0.22 per cent after opening at Rs 312.75, against the previous closing price of Rs 314. It touched the intra-day low of Rs 312.