MTECHTIPS;- Copper Off Three Week Top, Equities To Offer Support

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MTECHTIPS;- Copper Off Three Week Top, Equities To Offer Support

COMEX Copper fell from a three week high on heavy profit selling but the losses were capped as equities rose on easing geopolitical concerns. The red metal is up in Asia, currently trading at $3.070 per pound, up 0.26% on the day. US economic data was also good yesterday. The first time claims for US unemployment benefits decreased in the week ended April 7th, according to a report released by the Labor Department. The report said initial jobless claims fell to 233,000, a drop of 9,000 from the previous week’s unrevised level of 242,000. However, Eurozone industrial production decreased for the third straight month in February. Industrial output fell 0.8% month-on-month in February, following a 0.6% drop in January. This was the third consecutive fall for the measure. UK economic growth remained subdued in the first quarter despite a strong export performance, according to the latest Quarterly Economic Survey from the British Chambers of Commerce. It looks like that the broad trends in equities would provide the near term direction for Copper. MCX Copper futures tumbled after breaking under Rs 450 mark and closed at Rs 442.30 per kg, down 1.40% on the day

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