Copper gave up gains from a four month high on Monday as equities fell sharply as Middle East worries escalated and investors awaited comments from ECB President Christine Lagarde and Federal Reserve Chair Jerome Powell for additional clues on the rate outlook.
- Sell MCX Gold Below 76152, Sell on Rise, For Target Price 75330——74750
- Silver prices fell for the second consecutive day to around $31.25
- Silver net speculative longs at four and half year high
- Volumes jump at Whirlpool of India Ltd counter
- Government removes ban on non basmati rice exports
Recent gains can be largely attributed to Chinas aggressive stimulus measures, which bolstered the economic outlook for the worlds top copper consumer. Key developments include the Peoples Bank of China allowing mortgage refinancing and slashing the reserve requirement ratio by 50 basis points, injecting 1 trillion yuan into the economy.
Currently, the counter is quoting at $4.57 per pound, down around half a percent.
