Copper gains after China’s hike rate

Copper posted a smart gain on yesterday reversing earlier losses that set in after China's rate hike and reached to $9600 mark on technical short covering. Other metals, nickel remained the top gainer on technical buying, while lead and zinc managed to hold their previous gains.
Further fundamental remain also supportive with increasing demand amid supply shortage favor the bulls. Copper prices also received additional support yesterday from comments made by China's Chinalco that growing global copper consumption is expected to be supportive, while a generally upbeat tone from the CRU conference in Chile also helped.
The world copper market could see a supply deficit of half a million tonnes this year and the shortage may extend beyond 2013, Rio Tinto's copper unit chief executive said.
Today, there will be US jobless claims data and most important Euro zone interest rate decision which is expected to increase.
Base Metals Technical View: Today, base metals are expected to hold their previous gains.
Copper: S1=425 R1=429
Nickel S1=1170, R1=1195
Lead: S1=124, R1=126
Zinc: S1=106, R1=109
Courtesy: Anagram Comtrade Limited

(Source: http://www.commodityonline.com/futures-trading/technical/Copper-gains-after-China-s-hike-rate-23091.html)