Market and product

LONDON(Commodity Online): Copper is back on track, as base metals seems to rebound in metal exchanges globally as the traders looks forward the European meeting scheduled later today to solve the debt crisis prevailing in the region, and also the US economic data which is expected to boost the market. Although the markets gets cautioned ahead of the crucial EU summit as the leaders remain unusually divided this time.

Copper has regained its upward status, rising in the fourth consecutive session in London Metal Exchange(LME), which was up by up 0.3 percent at $7,429.75 per metric ton by 0114 GMT. LME three-month copper ended up $46 at $7,405 a tonne, recovering from an intraday low of $7,307 on Wednesday.

At India's Multi Commodity Exchange (MCX) copper futures advanced on Thursday's morning session on the back of positive U.S. economic data, boosted demand prospects for industrial metals in the world’s second largest consumer of base metals. According to Ankush Jain, metals analyst at Commodity Online, “Technically on daily Charts Copper have good Resistance at Rs 425 and support at Rs 415. Copper prices expected to trade in this range for today's session and breakout any of side would give the clear direction for coming sessions. Intra-day traders advise to buy copper Jun contract around Rs 418 with stoploss of Rs 415 and target near 425.”

In Shanghai Futures Exchange, October copper contract reached 54,240 yuan per metric ton, which showed a rise of 0.9% on Thursday.

US pending home sales bounced back in May 2012 and demand for U.S. manufactured goods orders also rebounded more than market expectation for copper.

Copper prices are expected to be supported on indications of restocking by China due to a favorable price arbitrage, reports Reuters.