MTECHTIPS MCX Copper negative; investors await data releases

MTECHTIPS:-MCX Copper negative; investors await data releases

Copper futures for June delivery on India's Multi Commodity Exchange (MCX) looks negative and is expected to recover later today.“For intra-day, support for the base metal is seen at 407 & 404 levels while on the upper side prices may recover till 412 levels,“Intra-day traders are advised to be cautious while taking positions,” he added.MCX copper futures for June delivery was seen trading down by 2.12% at Rs.407.70 per kilogram as of 01.55 PM IST on Thursday.Meanwhile, the Markit Eurozone PMI Composite Output Index rose to a three-month high in May, but remained deep in contraction territory.According to the flash estimate, based on approximately 85% of total replies, the Eurozone PMI rose from 46.9 in April to 47.7 in May, signalling an easing in the rate of contraction for the second consecutive month.The marginal upside in the PMI data has lifted on a temporary basis EUR/USD lending a slight boost to the copper futures. Also, with the GBP/USD climbing primarily due to the unchanged nature of UK's GDP growth rate, a down-slide in copper futures has been averted.