Copper Maintains Marginal Uptick On Monday
DATE: 27/08/2012
Hopes that European leaders will come out with some positive steps has led
to recuperation in Euro, making red metal more attractive. LME Copper settled
at a one month high of $ 7616 per tonne on 24 August 2012. Copper remained
supported at highs after existing home sales from US recovered. US existing
home sale climbed by 2.3% to 4.47 million, in July 2012.
Refined Copper markets were in production deficit of 21000 tonnes in May
2012, as per release from International Copper Study Group (ICSG). The report
showed that after making seasonal adjustments the surplus was much higher at
42000 tonnes. For the first five months of the year, refined Copper deficit was
405000 tonnes, compared to 98000 tonnes during similar period last year.
Indian Copper prices closed at R 427 per kg
on 25 August 2012. The prices have recovered and are at July 2012 levels from
here metal is looking to move further to next resistance zone of R 427 and R 432 per kg in
coming days.
+POWERED BY: COMMODITY INSIGHTS
www.goldeninvestmentresearch.com
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