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Last Updated : Aug 13, 2020 10:13 PM IST | Source: Moneycontrol.com

Copper futures slump 2.06% to Rs 503.70 per kg in evening trade

In the futures market, copper for August delivery touched an intraday high of Rs 513.50 and a low of Rs 502.60 per kg on the MCX.

Copper prices declined to Rs 503.70 per kg on August 13 as participants increased their short positions. The base metal pared gains in the second half of the session tracking weak global cues.

The base metal fell due to uncertainty regarding further US stimulus and weak demand in China.

In the futures market, copper for August delivery touched an intraday high of Rs 513.50 and a low of Rs 502.60 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 516.40.

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Copper for August delivery slipped Rs 10.60, or 2.06 percent, to Rs 503.70 per kg at 21:54 hours on a business turnover of 4,360 lots. The same for September delivery fell Rs 9.45, or 1.86 percent, to Rs 497.40 per kg on a turnover of 310 lots.

The value of August and September contracts traded so far is Rs 2,656.54 crore and Rs 46.77 crore, respectively.

Copper is likely to face stiff resistance at Rs 512.70-514 whereas support remains at Rs 506.20-504, according to Motilal Oswal.

At 16:27 (GMT), the red metal was down 2.68 percent at $6,263.75 per tonne in London.

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First Published on Aug 13, 2020 10:13 pm
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