Copper ended the week down on rising oil prices and escalating violence in North Africa eclipsed the initial euphoria from upbeat U. S. employment data. Copper demand in China may grow by 7 percent this year on strong economic growth. Copper touched a record $10,190 a ton last month after surging 30 percent in 2010 as the global economy recovered from the worst recession since World War II. Demand is proving to be resilient to the high prices and there hasn’t been any slowdown from China. Spreads between Shanghai and London prices additionally hint at some moderation in Chinese demand. Copper has touched a low of Rs 448.3 a kg after opening at Rs
448.3, and last traded at Rs448.75. For today market is looking for the support at 448.3, a break below could see a test of 447.8 and where as resistance is now likely to be seen at 449.2, a move above could see prices testing
449.7.

Trading Ideas:

Copper trading range is 447.8-449.7.

Copper ended the week down on rising oil prices and escalating violence in North Africa

Spreads between Shanghai and London prices additionally hint at some moderation in Chinese demand.

Copper weekly stocks at Shanghai exchange came down by 336 tonnes.