subject: Frbiz.com Reported India Copper Hits Contract High On Supply Concernsindia's Copper Futures Extende [print this page] India's copper futures extended gains to hit a contract high on Monday as supply concerns overseas and positive demand outlook helped prices, analysts said.
The most-traded February copper contract MCCG0 on the Multi Commodity Exchange (MCX) was trading 1.26 percent higher at 348.65 rupees per kg at 7:26 p.m., after hitting a contract high of 349.3 rupees earlier.
Union workers at Chile's giant Chuquicamata copper complex, the world's second biggest, began a strike over pay early on Monday, a union leader said.
Investors are betting on higher copper prices, with demand in Europe and the U.S. expected to recover after strong buying from China helped drive copper's stellar rally last year. "The major reason supporting the prices is strike in Chile," said Praveen Singh, an analyst with Sharekhan Commodities.
"On a weekly basis, one can buy copper at 344/345 rupees, with a stop loss of 341, targeting 354/355 rupees," said Priyank Upadhyay, head of research with Commtrendz Research.
However, rising stockpiles of the red metal weighed on prices, they added. Copper stocks rose on Monday by 75 tonnes to 502,400 tonnes.
In other base metals, zinc January MZIF0 was 1.3 percent higher at 120.35 rupees per kg, while lead for January delivery MLDF0 was 1.72 percent higher at 115.35 rupees per kg at 7:30 p.m.
January Aluminium MANF0 was 0.1 percent lower at 104.6 rupees per kg at 7:30 p.m.
"We have a positional call on aluminium... one can go long at 104.65 rupees, with a target of 105.90, and with a stop loss of 103.80," said Sharekhan's Singh.
by: heiyou
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