The metal was again troubled by falling trading interest towards risky asset classes. Copper three month forwards tried to move up after the positive jobs report from the US but overall ended with losses of $ 133 or 2% to $ 7427 per tonne. The inventories of Copper again saw a dip. The total inventories now stand at 244725 tonnes, that is 33% lower from January 2012 levels. At the begining of the week markets cheered the statements by ECB President Mario Draghi, who said that ECB was committed to preserve Euro. But later profit booking creeped in leading to fall in metals. Copper is in contango from last few days. The cash to forward premiums are in between $ 8 to $ 10 these days. Though this is not much of a relevance even than it seems that the speculators and traders are uninterested in buying Copper at current ranges of $ 7300-7500. The prices have come down by 4% this year so far.
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