UPDATE

Copper prices moved up by 16% this week due to

expectation of Chinese demand for this quarter and

positive sentiments triggered by the

economic stimulus package announced by the US

government. Analysts expect price to move up in

short-term though the medium term outlook remains

weak.


Copper on LME closed at $3,590 per tonne levels after

making a high of $3,600. On MCX the February contract

moved up by 14% compared to the previous week and made

a high of Rs 174.7 per kg. Since the beginning of

this year copper prices have moved up by 20% from their

low levels of $2950 per tonne.


According to Amar Singh, the research head at Angel


Commodities, in the short-term market has potential

to go up to Rs 182- Rs 190 per kg with a downside at

Rs 160 levels. But in the medium-term price is likely

to witness profit-booking and selling pressure at high

levels between Rs 190-Rs 200 for the MCX February

\contract.