Isra-Mart srl: Base Metals Were Choppy On Worsening Euro Zone Debt Crisis Concerns

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Jittery trading is seen during the evening session of trading as the Europe officials remained lull on worsening euro zone debt crisis. After a bleak economic data release on US employment growth, investors awaited for U.S. Conference Board's employment trend index for August and the Institute for Supply Management's August non-manufacturing index to be released today which gives the hint for pace of economic growth recovery.

The rise in euro led the dollar index to inch up by 0.07% at 75.21 against the basket of 6 major currencies amid the statement given by the Swiss National Bank that it was setting a minimum exchange rate target of 1.2 francs to the euro.

In the domestic market at MCX, Copper for delivery in November tested a high of Rs. 417.6 per kg and low of Rs. 411.8 per kg in intraday and is now trading at Rs. 415.85 per kg, up by 0.34% or Rs. 1.4. The open interest added 8.1% to 17,730 lots and volume traded as of now stood at 42,873 lots against 59,302 lots traded last day. The contract was trading below 9-day EMA and the RSI stood at 47.05

Other metals at MCX were trading in a flat note. Aluminium was trading at Rs. 109.1 per kg and Nickel was trading at Rs. 963 per kg. MCX Zinc was trading at Rs. 100.1 per kg and Lead was trading at Rs. 112.25 per kg.

Copper futures November contract in Shanghai settled at 66780 yuan per tonne, down 720 yuan or 1.1% lower. Comex Copper futures most active December contract was trading at $4.032 a pound, down by 2.2% or 9 cents compared to the previous day that ended at $4.1245 a pound.