MCX Copper sees repeated support around Rs 1245 per kg

COMEX Copper futures consolidated around six-week low after sliding more than 3% yesterday. Asian shares were mostly steady. China's Shanghai Composite index added 0.23% while Hong Kong?s Hang Seng index fell 1.43%. Japan?s Nikkei average spiked 4.60% as chipmakers stayed in focus. European stocks gained with major indices adding around half a percent on the day. The US markets were choppy yesterday. Nasdaq Composite slipped 0.43% while the S&P 500 declined 0.10%. The Dow Jones Industrial Average edged up 0.35% though. Copper tracked general slide in metals yesterday as commodities were hammered doe to relentless spike in the US dollar index. The red metal managed to stabilize today and currently trades up 1.33% at $6.02 per pound. MCX Copper is also up 1.21% at Rs 1257.10 per kg after testing lows around Rs 1245 per kg repeatedly in morning moves.

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