Base metal prices traded higher in the last week mainly on the back of revival in the US markets coupled with dollar weakness. MCX Copper prices breached 20-month`s high on news that the Chinese government pledged to support first-time home buyers in China.
News that Greece reached an agreement on austerity measures led to rise in the US as well as the European markets on Feb. 09, 2012 which also acted as a further supportive factor for metal prices.
However, prices fell on February 10, 2012 due to risk aversion continued ahead of the weekend as uncertainty over the bailout to Greece persists. The decline in MCX Crude oil will also be aided by the weak global demand growth forecasts.
MCX February Copper prices opened the week at Rs 419.20/Kg and initially traded lower and found strong support at Rs 414.60/kg and later surged sharply higher and touched high of Rs 434.65/Kg .
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