Last Updated : January 03, 2012 13:35
Copper yesterday traded with the positive node and settled 0.44% up at 407.8 tracking London Copper rose the first trading day of the year, as an expansion in China's manufacturing boosted expectations that demand for industrial metals will increase in the world's second-largest economy.
The metal posted its first annual decline in three years in 2011 when it lost a fifth of its value on fears related to the European debt crisis and global economic slowdown.
The Shanghai Futures Exchange is closed for a holiday. China's official PMI, compiled by the China Federation of Logistics and Purchasing on behalf of the National Bureau of Statistics, rose to 50.3 in December from 49 in November.
That indicated a slight expansion in business activity in the factory sector. Workers at Freeport McMoran Copper & Gold Inc's Indonesia unit delayed their return after a three-month strike because 500 employees of sub-contractors lack job security, a senior union official said on Monday.
Euro zone manufacturing activity declined for a fifth consecutive month in December, although at a slightly slower rate than November's 28-month record low, a survey showed on Monday, suggesting the decline would continue in the early months of 2012.
For today's session market is looking to take support at 405.8, a break below could see a test of 403.8 and where as resistance is now likely to be seen at 408.9, a move above could see prices testing 410.
Trading Ideas:
Copper trading range is 403.8-410.
Copper continues its gaining streak started on Friday due to slightly weaker dollar and lingering buying
Workers at Freeport McMoran Copper & Gold Inc's? Indonesia unit delayed their return after a three-month strike
The Shanghai Futures Exchange is closed for a holiday.?
Courtesy: Kedia Commodities???
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MCX Copper 29 June 2012 contract was trading at Rs 421.75 , up Rs. 8.15 . What's your view on it?
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