In the futures market, copper for September delivery touched an intraday high of Rs 527.70 and a low of Rs 524.10 per kg on the MCX.
Copper prices were steady at Rs 526.85 per kg on September 9 as participants increased their long positions. The base metal erased the day's earlier losses and traded in the green.
On the London Metal Exchange (LME), copper managed to end in green for the week at $6,710 per tonne despite selling in riskier assets.
Tapan Patel- Senior Analyst (Commodities), HDFC Securities said, “Copper prices found support from strong fundamentals on improved economic data and lower supplies. Prices sustained above its key resistance of $6,645 per tonne on the weekly chart. We expect copper to continue its bullish trend, with resistance at $6,950 per tonne."
In the futures market, copper for September delivery touched an intraday high of Rs 527.70 and a low of Rs 524.10 per kg on the Multi-Commodity Exchange (MCX).
Copper futures for September delivery gained Rs 0.20, or 0.04 percent, to Rs 526.85 per kg at 15:44 hours on a business turnover of 5,333 lots. The same for October delivery rose 0.20, or 0.04 percent to Rs 523.10 per kg on a turnover of 351 lots.
The value of September and October’s contracts traded so far is Rs 868.61 crore and Rs 7.30 crore, respectively.
MCX September Copper futures face an important resistance at Rs 535 and support at Rs 517 in the coming week, Patel said.
At 10:16 (GMT), the red metal declined 0.27 percent at $6,760.50 per tonne in London.For all commodities related news, click here