MUMBAI: Copper prices surged on Monday in the domestic futures market. Continuing buying by China supported the prices.
MCX Copper contract for April expiry has started at Rs 222 per kg up Rs 1. Resistances for the coming week are at 223 and 227 levels. Supports for the contract 215 levels. Copper contract on LME surpassed $ 4000 per ton and ended the week at $ 4150 per ton.
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The comfort for copper miners in the current economic climate is that it has driven a reduction in mining costs. During H2 2008 site costs rapidly decreased as consumables, energy and power costs retreated.
