MCX Copper Feb may see resistance at 454.40/455.40: IIFL

``Copper fell the most in three weeks in London as expanding inventories fueled concern that demand is weakening as somegovernments move to fight inflation. Stockpiles monitored by exchanges in London, Shanghai and New York have climbed to the highest level since July 26. China, the world`s largestcopper user, has boosted interest rates three times since mid-October, spurring speculation that growth will slow. India, South Korea, Brazil and Thailand also lifted borrowing costs,`` said broking firm India Infoline (IIFL). 

``US copper extended losses and fell below USD 4.50 per lb, hitting their lowest level in more than two weeks, as rising inflation in emerging Asian economies soured near-term demand prospects Copper fell the most in three weeks inLondon as expanding inventories fueled concern that demand is weakening as some governments move to fight inflation,`` it added.

``Technically, indicators continue to show neutral tendencies with RSI in the neutral zone and MACD above the zero line indicating bullishness,`` it said.

``Comex Copper (Feb) may see resistance at 454-55 to cap for a decline to 445. MCX Copper (Feb) may see resistance at 454.40/455.40 to cap for a decline to 445.40,`` it further added.

(Source: http://www.myiris.com/newsCentre/storyShow.php?fileR=20110217141020043&dir=2011/02/17&secID=livenews)