In the futures market, copper for August delivery touched an intraday high of Rs 531.70 and a low of Rs 525.50 per kg on the MCX.
Copper prices edged lower to Rs 527.60 per kg on August 20 as participants increased their short position as seen by the open interest. Copper prices declined on gains in the US dollar and escalating tensions between the US and China.
US FOMC minutes showed that the Fed is downbeat on growth outlook given the coronavirus uncertainty and maintained the need for additional stimulus to support the economy.
In the futures market, copper for August delivery touched an intraday high of Rs 531.70 and a low of Rs 525.50 per kg on the MCX. So far in the current series, the precious metal has touched a low of Rs 441 and a high of Rs 534.40.
Copper delivery for August contract slipped Rs 6.15, or 1.15 percent, to Rs 527.60 per kg at 19:50 hours with a business turnover of 3,914 lots. The same for September contract eased Rs 1.50, or 0.28 percent, to Rs 525.25 per kg with a turnover of 1.153 lots.
The value of August and September’s contracts traded so far is Rs 2,525.59 crore and Rs 158.81 crore, respectively.
MCX Copper price is expected to trade positively with support at Rs 525 and intermediate support at Rs 527 level, according to Motilal Oswal.
At 1423 (GMT), the red metal price was down 1.28 percent quoting at $6,601.75 per tonne in London.For all commodities related news, click here