Base Metals Preview: Copper Tests Five Week Top On COMEX

COMEX Copper futures rose on supportive equities and good follow up buying. The metal has been in a good form over the last few days and tested a five week high in intraday moves yesterday as labor negotiations in Chile raised concerns over the possibility of supply disruptions in the markets. World stocks edged higher as optimism for the worlds largest economy helped investors put concerns over trade protectionism aside. The metal slipped a little in Asia though, currently quoting at $ 3.13 per pound, down 0.29% on the day. MCX Copper futures closed at Rs 465.45 per kg, up 1.44% on the day with excellent buying emerging after the break above Rs 460 mark.