Base Metals Preview: Copper Supported Around Rs 460 On MCX

MCX Copper futures remained supported yesterday. The domestic futures jumped to Rs 463 per kg levels following a sustained recovery in COMEX futures from one month low. US equities rose yesterday and buying remained in place following recent economic cues and supportive sentiments for risky assets. COMEX Copper currently quotes at $ 3.08 per pound, up 0.36% on the day. MCX futures ended around Rs 458 per kg and should edge up towards Rs 460 mark today.

Meanwhile, the global manufacturing sector has expanded at a slower pace in April, according to an index published by the China Federation of Logistics and Purchasing (CFLP) on Sunday. The global manufacturing purchasing managers index (PMI) stood at 54.4 last month, down from 55.2 in March, according to the CFLP. The reading marks the second monthly decline in a row but is still at a relatively high level, indicating sound economic expansion around the globe, it said in a statement. The CFLP said the second quarter is usually a high season for the manufacturing sector, which will contribute to further recovery in the global economy.