Copper Likely To Gain Momentum On The Start Of New Year

Copper prices are likely to open in green at the start of the new session of 2010. The prices significantly gained during 2009 and a kick start is expected when it resumes trading on MCX today.

MCX Copper on its last outing was Rs 344 per kg on 2nd Jan 2010.

Three-month copper on the London Metal Exchange rose $45 to close to $7,375 a tonne On Dec. 31, ending the year up almost 140 percent. LME copper stocks continued to climb, up 6,375 tonnes to 502,325 tonnes on Thursday, highest since early April 2009.

Jiangxi Copper Co, China`s top producer of the metal, has achieved its 2009 output target of 800,000 tonnes of refined copper even though production has fallen this month because of annual repairs, a company spokesman said on Wednesday.Workers at Chile`s Chuquicamata copper mine are set to start a strike later today, which is expected to keep prices on high levels.

Source : Capital Market