COMEX Copper is holding near one week high on supportive cues from equities. US stocks edged up for a second straight day as Goldman Sachs Group led a rally in bank stocks and China’s steps to bolster growth supported global equities. Meanwhile, the economic activity has continued to increase in most of the US, according to the Federal Reserve's Beige Book, although the report also hinted at deterioration in optimism.

The Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts, said eight of the twelve districts reported modest to moderate growth. While most districts indicated a continued expansion in manufacturing, the pace of growth slowed, particularly in the auto and energy sectors. The central bank also said new home construction, existing home sales, and commercial real estate activity were all little changed.

In other data, the NAHB/Wells Fargo Housing Market Index rose to 58 in January after tumbling to 56 in December. European new passenger car registrations decreased for a fourth straight month in December the European Automobile Manufacturers Association, or ACEA, showed New car registrations decreased 8.4% year-on-year in December following an 8% decrease in November.

COMEX Copper futures currently trade at $2.67 per pound, up 0.11% on the day. This should support MCX Copper today after the local futures ended above Rs 421 per kg yesterday. This break above Rs 420 mark is expected to work in favour for the counter.

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