Copper prices eased to Rs 505.95 per kg on July 31 as participants increased their short positions.
The base metal consolidated for yet another session as the dollar slipped to a two-year low and July factory activity in China surged for a fifth consecutive month beating expectations, but was cowed down by a resurgence in coronavirus cases from around the world.
In the futures market, copper for August delivery touched an intraday high of Rs 509.80 and a low of Rs 505.35 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 441 and a high of Rs 510.65.
Copper futures for August delivery slipped Rs 1.6, or 0.32 percent, to Rs 505.90 per kg at 17:56 hours on a business turnover of 4,154 lots. The same for September delivery declined Rs 1.15, or 0.23 percent, to Rs 504.40 per kg on a turnover of 96 lots.
The value of August and September contracts traded so far is Rs 1,123.95 crore and Rs 5.31 crore, respectively.
"Copper is expected to trade negatively. Sustaining below Rs 507 would drag price lower towards Rs 504-503 intraday," according to Axis Securities.
At 12:30 (GMT), the red metal was down 0.3 percent at $6,433.25 per tonne in London.