MUMBAI (Commodity Online):?Copper futures for February delivery on India's Multi Commodity Exchange (MCX) is positive supported by depreciation of Indian rupee against US dollar. However, week long holidays in China may influence trade volumes.
For intra day, the base metal is expected to trade in positive zone.
?MCX Copper futures has support at 445 while 448 is the resistance. If futures break 448 level then it is expected to move towards 450 level,? said Amrita Mashar, Research Analyst at Commodity Online.
?Chinese markets are closed on account of spring festival for entire week and trading volumes may get influenced on account of holidays,? she added.
MCX Copper futures for February delivery was up by 0.26 percent at Rs.446.85 per kg as of 06.03 on Monday.
Earlier, MCX Copper February contract opened positive by 0.20% and touched intra-day high of 447.10. Also, copper prices were well supported by depreciation in INR against USD.
Copper futures for March delivery on COMEX was down by 0.22 percent at $ 3.752 per pound as of 06.12 PM IST on Monday.
Markets in Hong Kong will remain closed until Thursday on account of Chinese Lunar New Year holidays. Markets in China will be closed for the entire week.
China is the world?s largest copper consumer, accounting for almost 40% of world consumption last year.
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