MCX Copper Rise On Strong Chinese Copper Imports .

MUMBAI (Commodity online): Copper continued to rise for the second consecutive day on back of strong Chinese data and a positive US affirmation. At the Multi-Commodity Exchange of India (MCX), copper August contract was up over 0.95% at 401.55 after opening Wednesday at 398.70.

Data showed that Chinese July imports of copper had risen 9.5%. The fed on Tuesday stated that interest rates will be kept near zero till mid-2013 and the government will do anything to bolster growth. This also supported the market.

Three-month copper on the London Metal Exchange rose 2.4 percent to $8,940 a tonne by 0703 GMT, after losing 0.6 percent in the last session as per a Reuters report.

"The announcement that the Fed's interest rate policy will remain for some time certainly supported the market and in some ways acts as a form of a brake on the decline that was seen in the last 48 hours. Also, import data from China, such as on copper, has been very positive. That shows that China's efforts to slow the economy aren't working as well as expected. And the economy seems to be kicking along in full gear" said Jonathan Barratt, managing director of Commodity Broking Services.

GEOJIT Comtrade view:

MCX Copper August: As expected, prices reached 396, major supports are seen at 382/368 now. Break above 398 could test 402/405.
S1 382 S2 368 R1 398 R2 408

Source : commodityonline.com