Copper May Leap Forward On Increase Of Long Positions

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SHUBH LAXMI

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Jan 6, 2010, 2:41:58 AM1/6/10

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Copper prices are set to test fresh intra day peaks today. Hefty
buying is set to initiate further push in Copper. On Tuesday the
easing of tensions in Chile molded the prices to sell but that was
only before the US manufacturing data was released. After the release
of the data positive sentiments for the economy again lured
participants.

MCX Copper which ended the trading session of Tuesday at Rs 347.35 per
kg unaltered from Monday is now up Rs 4 or 1.09%. The prices have so
far tested a high of Rs 351.35 and are all set to reach Rs 353.

New orders for manufactured goods increased by more than anticipated
in the month of November, according to a report released by the
Commerce Department on Tuesday, with the strong growth reflecting a
notable increase in orders for non-durable goods.

The report showed that factory orders increased by 1.1 percent in
November following an upwardly revised 0.8 percent increase in
October.

Chilean mining giant Codelco on Monday made an improved wage offer to
workers at its large Chuquicamata complex, which might defuse a day-
old strike.