Business Daily from THE HINDU group of publications
Tuesday, Feb 06, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Feb 06, 2007 ePaper |
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Agri-Biz & Commodities
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Metals Copper witnesses upward trend Our Bureau
"This is a very short term movement", says Mr. Kishore Narne, Head commodities Anand Rathi Group. According to him, the fundamentals— which had attributed to coppers fall from over Rs300— are unchanged. There is adequate supply of the metal. Even technical does not support any sustainable upward movement. The February contract of copper, which ended at Rs 238 during the weekend, was hovering around Rs 240 on Monday evening after touching a high of Rs. 242.
Resistance
The upward movements took place irrespective of acceptance of the contract offer by workers at BHP Billiton's Chilean Cerro Colorado copper mine. The mine produces 120 thousand tonne of copper and was running the risk of a workers' strike. BHP is one of the largest suppliers of copper in the world. Mr Soumen Das, analyst with the Kolkata Based Credent Commodities, feels that copper is unlikely to cross the Rs 247-249 resistance level, in the foreseeable future. On the contrary any movement below Rs 236 level, may take copper down to a target price of Rs 225. The ideal move should be to sell copper on every upward rally.
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