Copper prices traded firm, underpinned by outflow of positive news from China. Chinese government has decided to support the housing industry, the major consumer of the red metal.
Chinese officials will encourage affordable-housing construction. The housing industry constitutes nearly 40% of the copper demand in China.
Moreover on demand front, Researcher Antaike has projected China’s refined consumption to rise 6.4% to 7.85mn tons in 2012, compared with growth of 8.5% in 2011.
COMEX Copper (Mar)
Price indication: Prices have support at US$3.87/lb and resistance at US$3.95/lb.
MCX Copper (Feb)
Price indication: Prices have support at Rs423/kg and resistance at Rs426/kg.
Courtesy: IIFL
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