Thursday, February 10, 2011

Copper New : Copper Likely to move Up with higher demand

Industrial metals remained choppy on Thursday morning, as a combination of mix macro economy factors, a firmer Euro and some strong fundamental drivers.

Copper prices boosted on optimistic buying sentiment in global market as price cross 455 mark in morning session.

At MCX, Copper February delivery contract down by 0.35 percent, tested low at 453.25 rupees per kilogram and stays slightly weak in Asian markets due to profit booking on higher levels.

Investors and speculators in international market once again show interest in buying metals at lower levels due to positive global cue. Constant buying from beginning of the week keeps down trend limited in Copper futures.

 Copper futures may climb above 465 rupees in current week. Long term target sets to 475 rupees for Copper future in coming days.



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kunal dusane said...

Intraday update on base metals by, Iron ore is veering to a new crisis as prices for future delivery of the commodity slide 30 percent in the space of a month.

Posted By Commodity MCX Tips