172@29@17@248!~!172@29@0@53!~!|news|business|commodities|copper-futures-slide-0-59-to-rs-527-45-per-kg-in-evening-trade-5849051.html!~!news|moneycontrol|com!~!|controller|infinite_scroll_article.php!~!is_mobile=false
Moneycontrol
Subscribe to PRO at just Rs.33 per month. Use code SUPERPRO
Last Updated : Sep 16, 2020 07:09 PM IST | Source: Moneycontrol.com

Copper futures slide 0.59% to Rs 527.45 per kg in evening trade

In the futures market, copper for September delivery touched an intraday high of Rs 530.25 and a low of Rs 526.60 per kg on the MCX.

Copper prices edged lower to Rs 527.45 per kg on September 16 as participants increased their short position as seen by the open interest.

Base metals have been trading firm over the last couple of days with volatility led by choppiness in the dollar index. Copper prices are trading near a two-year high after strong manufacturing data in China.

Copper prices have been supported by the lower inventory at LME warehouses amid tightness in the physical market

Close

The US dollar index trades weaker at 92.86 down 0.23 percent ahead of the US Fed policy statement later in the day.

In the futures market, copper for September delivery touched an intraday high of Rs 530.25 and a low of Rs 526.60 per kg on the MCX. So far in the current series, the precious metal has touched a low of Rs 486 and a high of Rs 532.90.

Copper delivery for September contract slipped Rs 1.90, or 0.59 percent, to Rs 527.45 per kg at 18:47 hours with a business turnover of 4,975 lots. The same for October contract slide 0.60, or 0.11 percent to Rs 522.05 per kg with a turnover of 467 lots.

The value of September and October contracts traded so far is Rs 1,428.98 crore and Rs 29.13 crore, respectively.

MCX Copper price is expected to trade negatively with resistance at Rs 532 level and intermediate resistance at Rs 530 level, according to Motilal Oswal. The broking firm advised its clients to sell on rallies targeting lower support at Rs 527-525 zone.

At 1320 (GMT), the red metal price gained 0.21 percent quoting at $6,774 per tonne in London.

For all commodities related news,  click here
First Published on Sep 16, 2020 07:09 pm
Sections