Copper Recovering Well On MCX

Afternoon trades have seen smart recovery in MCX Copper prices on the back of strong sentimental rally in the LME. Copper three month prices on LME pushed itself to a level of $ 7320 per tonne, compared to close of $ 7125 per tonne a day before.
The downside risks were mitigated by the fact that Federal Reserve officials announced that they will be binding the stimulus measures by the end of this year. This has given hopes that economy of US is recovering and there will be elevation in the demand.
However, China still remains a worry for the metals. China consumes 43 percent of World Copper. The imports have been dwindling down and the rise of surplus is a big worry.
Meanwhile, Indian prices cheered the brief rally in metals and were trading at Rs 405 per kg, up 1.1 percent in the mid afternoon trades. The rally is expected to limit itself near Rs 407 per kg which is the next resistance level for the contract.

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