In the futures market, copper for August delivery touched an intraday high of Rs 515.35 and a low of Rs 509.75 per kg on the MCX.
Copper prices rose to Rs 514 per kg on August 6 as participants increased their long positions. The base metal surged once again on stronger economic data and demand due to central bank stimulus measures.
China’s factory activity expanding at the fastest pace in nearly a decade in July has supported prices of industrial metals in recent days, as has an improvement in manufacturing activity in the Eurozone and the United States.
In the futures market, copper for August delivery touched an intraday high of Rs 515.35 and a low of Rs 509.75 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 515.90.
Copper futures for August delivery gained Rs 2.25, or 0.44 percent, to Rs 514 per kg at 18:40 hours on a business turnover of 4,210 lots. The same for September delivery rose Rs 2.10, or 0.41 percent, to Rs 511.80 per kg on a turnover of 202 lots.
The value of August and September contracts traded so far is Rs 1,328.56 crore and Rs 33.21 crore, respectively.
Copper has strong support at Rs 507-505 whereas resistance is seen at Rs 516.50-520 according to Motilal Oswal. The broking firm advised its clients to buy around Rs 510 for the day.
At 13:13 (GMT), the red metal price was trading down 0.45 percent at $6,458 per tonne in London.For all commodities related news, click here