Strong optimism from US and Chinese markets elevated Copper at the initiation of the week. Shanghai Copper March expiry settled at 57980 yuan per tonne, up 630 yuan per tonne on Monday.
Reports of rise in Chinese imports data on a monthly basis helped Copper. China Customs showed that China imported 365331 tonnes of unwrought Copper and Copper products in the month of November, up 13.5% from October 2012.
In London, Copper was at seven week highs at $ 8140 per tonne, near to the highs of the day. Copper settled at $ 7991 per tonne last week. From here, prices are expected to face Resistance at $ 8150 per tonne.
MCX Copper for February expiry closed at Rs 448 per kg, up 0.9%. The prices are expected to show Resistance at Rs 450 -452 per kg. Supports for the contract is at Rs 447-445 per kg.
On currency front, US Dollar gains didn't affect the moves of Copper. Dollar was last seen at 1.29 against the Euro, up 31 pips. Indian Rupee gained 14 pips today against the Dollar and was at 54.34.
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India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.