'Short-term copper outlook bullish'

Sentiment in copper is bullish for the short-term but bearish for the long-term as new funds would try to sustain the upward movement while old funds would try to cash in on the rally, according to Surendra Mardia, senior vice president of Bombay Metal Exchange.

The price may touch $8000 per tonne in the next few days on the London Metal Exchange (LME) provided the flow of new funds continues, Mardia added.

The red metal has offered huge profits to investors in the recent past but it will witness a drastic decline below $5,000 per tonne as the current price is not realistic, he said.

Copper lost $630 on the LME in the last one week despite inventories dropping 7,250 tonne.

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