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Copper futures gain 0.38% to Rs 531.35 per kg in evening trade

In the futures market, copper for October delivery touched an intraday high of Rs 533.75 and a low of Rs 526.30 per kg on the MCX.
Oct 23, 2020 / 08:00 PM IST

Copper prices traded firm at Rs 531.35 per kg on October 23 tracking weakness in the dollar. The greenback trades weaker at 92.76, down 0.22 percent.

The commodity was seeing support from robust demand in China and supply disruption in Chile, but higher inventory at London Metal Exchange (LME) approved warehouses capped the upside.

Data from the International Wrought Copper Council suggests that the red metal could be in deficit of 241,000 tonne next year, with 2020 output down 1.3 percent year-on-year to 20.15 million tonne. The group expects a 4.6 percent contraction this year with a 5 percent rebound in 2021.

MCX iCOMDEX Base Metal Index was up 48.15 points, or 0.39 percent, at 12,354.35 at 18:49 hours.

In the futures market, copper for October delivery touched an intraday high of Rs 533.75 and a low of Rs 526.30 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 494.80 and a high of Rs 542.95.

Copper futures for October delivery gained Rs 2, or 0.38 percent, to Rs 531.35 per kg at 18:50 hours on a business turnover of 1,792 lots. The same for November delivery surged Rs 1.10, or 0.21 percent, to Rs 534.05 per kg on a turnover of 3,179 lots.

The value of October and November’s contracts traded so far is Rs 1,381.90 crore and Rs 301.37 crore, respectively.

Neha Qureshi, Technical Research Analyst at Reliance Securities, expects copper to trade sideways with a marginal upside. "Support and resistance is seen at Rs 527-524 and Rs 533-536 levels, respectively."

At 13:22 (GMT), the red metal rose marginally to $6,893 per tonne in London.

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Sandeep Sinha
first published: Oct 23, 2020 08:00 pm

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