Copper prices were steady at Rs 626.40 per kg after hitting a fresh lifetime high of Rs 631.20 during the day on the MCX. The base metal pared earlier gain after a gap up open to trade in the red in the evening session.
The red metal price yesterday touched the highest level since 2013 for a third straight day, driven by expectations of infrastructure spending by incoming US President Joe Biden after Democrat won control of the Senate.
The US dollar trades firm at 89.89, or up 0.11 percent in the evening session. The dollar had bounced back from the lowest level it touched this week since 2018 on safe-haven buying.
Neha Qureshi, Technical Research Analyst at Reliance Securities said, “LME Copper is trading on flat not after hitting a 52 weeks high level at $8,237.50 levels. However, it holds support near $8,145-$8,105 levels. Resistance is at $8,206-$8,232 levels. MCX Copper January hit an All-time high levels Rs 631.20 levels where it is trading on a positive note and could trade in a range of Rs 623-629 levels.”
MCX iCOMDEX Base Metal Index fell 135.83 points, or 0.96 percent, at 13,989.23 at 16:42.
In the futures market, copper for January delivery touched an intraday high of Rs 631.20 and a low of Rs 625.55 per kg on the MCX. So far in the current series, the base metal has touched a low of Rs 548 and a high of Rs 631.20.
Copper delivery for January slipped Rs 1.65, or 0.26 percent, to Rs 626.45 per kg at 16:46 hours with a business turnover of 5,096 lots. The same for February contract eased Rs 1.20, or 0.19 percent to Rs 626.20 per kg with a turnover of 334 lots.
The value of January and February’s contracts traded so far is Rs 1,284.92 crore and Rs 29.67 crore, respectively.
Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited said, “MCX Copper is sustaining above 50-SMA with support placed at Rs 618-613 levels, which when broken with heavy volume can test the levels of Rs 608-600 on the downside. Bounce back from the support levels could result in a continuation of the uptrend.”
At 1121 (GMT), the red metal price was slightly down 0.06 percent quoting at $8,167.50 per tonne in London.
For all commodities-related news, click hereDisclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.