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Last Updated : Aug 10, 2020 09:47 PM IST | Source: Moneycontrol.com

Copper futures up 1.46% to Rs 509.40 per kg in evening trade

In the futures market, copper for August delivery touched an intraday high of Rs 511.90 and a low of Rs 507.55 per kg on the MCX.

Copper prices jumped to Rs 509.40 per kg on August 10 as participants increased their long positions.

The base metal recovered in the second half of the session, paring earlier losses, on an expectation of US stimulus measures, positive economic data in China and improving demand.

In the futures market, copper for August delivery touched an intraday high of Rs 511.90 and a low of Rs 507.55 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.

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Copper futures for August delivery gained Rs 7.35, or 1.46 percent, to Rs 509.40 per kg at 20:58 hours on a business turnover of 4,339 lots. The same for September delivery rose Rs 7.50, or 1.51 percent, to Rs 505.40 per kg on a turnover of 204 lots.

The value of August and September contracts traded so far is Rs 2,016.91 crore and Rs 43.84 crore, respectively.

"Copper will trade in a sideways range with support at Rs 502-500 and resistance at Rs 510-513.50," according to Motilal Oswal.

At 1530 (GMT), the red metal was up 2.51 percent at $6,392.75 per tonne in London.

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First Published on Aug 10, 2020 09:47 pm
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