MUMBAI (Commodity Online): Copper futures are trading up on Wednesday on the back of a stronger Chinese PMI. MCX copper February month contract is trading at Rs 417.00 after opening at Rs 416.00, up 0.31% in morning trade. COMEX copper March contract is also up marginally.
-China's preliminary flash PMI for February came in at 49.7, up from January's 48.8. This raised hopes that the Chinese economy may be settling down and thus boosted investor sentiment despite the reading remaining below 50. Plus the central bank decision to cut the Reserve Requirement Ratio also continues to support copper prices.
-Official data showed that China's copper imports had dropped by 18% in January, well within market expectations. Traders are expecting copper imports to remain weak till March.
Technical Target by Angel Commodities for Feb 22, 2012
MCX copper February support at Rs 410.80/Rs 413.30, resistance at Rs 418.25/ Rs 420.80
