Copper
2010-02-14,Weekly summary 8-12.02.2010
Copper gained to $6390 per ton at LME on speculations that Chinese demand for base metals may be stable despite tightening monetary policy. Copper stockpiles tracked by London Metal Exchange in Asia fell 12th time in a row indicating still robust demand.
Copper rose to $6920 per ton according to London quotations generally on news that Chinese banks lending action increased what spurred appetite for base metals naturally. Copper prices also rose thanks to European agreement around Greece concern.
Copper fell to $6780 per ton in London as China banking authorities kept interest rates higher by 50 bp surprisingly. This base metal unfortunately is suffering from any measures focusing on cooling economy especially in China as the biggest copper consumer in the world. Moreover global copper stockpiles monitored by London, NY and Shanghai gained to 759,850 MT.
Some tech. Levels:
Res.: $6930 - $7100
Sup.: $5530 - $5230
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