Copper In Red On Lack Of Fund Buying

Copper flipped back direction after latest surge as buying remains absent amid mixed cues from equities in Europe. The metal rose yesterday, edging up from near three week lows but the failure to sustain gains means that fund buying is not supporting the metal. COMEX Copper is currently trading at $ 3.05 per pound, down 0.39% on the day- witnessing an intraday downswing of around 1%. MCX Copper futures are currently trading at Rs 456.15 per kg, down 0.59% on the day. Meanwhile, domestic markets are staring at a tightening of supplies. Mining major Vedanta said that the Tamil Nadu government issued orders closing its copper smelter plant in Thoothukudi following the recent protest. Vedanta said that it received an order dated 28 May 2018 from the Government of Tamil Nadu directing the Tamil Nadu Pollution Control Board (TNPCB) to seal the companys copper smelter plant 1 at Thoothukkudi District, Tamil Nadu and to close the said plant permanently. Vedanta said it is further studying the order and shall keep the stock exchanges updated on any developments.