| Copper prices closed at $4,180 on Thursday following heavy speculative selling and fund buying interest. |
| High energy prices are also fostering concerns of rising inflation along with signs that interest rates may rise. Stronger-than-expected Chinese Q3 GDP data 9.4 per cent as against expected rise of 9.2 per cent buoyed boost Chinese traders' sentiment. |
| Fund players were found majorly behind copper's extended rally in spite of many analysts' predictions of weakening supply and demand fundamentals, have targeted the $4,000 per tonne level "for a while". |
| Chinese industrial production rose by 16.5 per cent, the fastest pace since June but exports grew by 25.9 per cent, the smallest rise since January 2004 because of rising domestic demand. Copper is moving in tune with what predicted V K Sinha of Hindustan Copper the red metal to touch $4,500 per tonne this year. |
| "The current rise is due to concerted buying by fund buyers who are likely to keep this up for the next two months," said Sinha in response to a question. |
| Copper wire bar in Mumbai non-ferrous metals market surged to Rs 700 per quintal in the last one week in line with a boom in the global market. Armiture at the same time perked up by Rs 500 per quintal. |
| "A correction at this high level of about $100-200 can not be denied but, overall the upward trend would continue for some time at least if not beyond," said Sinha. |
| Meanwhile, speculations are rife that Hindustan Copper Ltd "� the only integrated copper producer which has mining facility within the country "� may consolidate its position by increasing yield at its Khetri complex, which is already running at near-full capacity. |
| Analysts, however, feel that revival should have come a lot sooner as the process is much difficult now. |
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