In the futures market, copper for August delivery touched an intraday high of Rs 514 and a low of Rs 508.20 per kg on the MCX.
Copper prices declined to Rs 509.65 per kg on August 7 as participants increased their short positions.
Copper stocks at London Metal Exchange registered warehouses stood at 122,450 tonne, their lowest since the middle of January and down more than 50 percent since May. However, weighing on the prices are demand concerns and production in China and Peru, which had bounced back from coronavirus disruption by June.
In the futures market, copper for August delivery touched an intraday high of Rs 514 and a low of Rs 508.20 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 515.40.
Copper futures for August delivery slipped Rs 6.30, or 1.22 percent, to Rs 509.65 per kg at 19:49 hours on a business turnover of 4,266 lots. The same for September delivery eased Rs 7, or 1.36 percent, to Rs 506.30 per kg on a turnover of 229 lots.
The value of August and September contracts traded so far is Rs 1,697.41 crore and Rs 22.13 crore, respectively.
Axis Securities advised its clients to sell August copper futures at Rs 512 with a stop loss at Rs 515 and a target of Rs 505.
At 14:22 (GMT), the red metal price was down 2.44 percent at $6,328 per tonne in London.For all commodities related news, click here