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Copper futures gain 1.66%, expert sees more upside

In the futures market, copper for June delivery touched an intraday high of Rs 431.20 and a low of Rs 423 per kg on the MCX.

June 05, 2020 / 07:33 PM IST

Copper prices rose to Rs 430.70 per kg on June 5, a two-and-a-half month high, after the European Central Bank (ECB) and German government announced a big stimulus package and US data showed unemployment growth slowing sharply.

"On the daily chart, MCX Copper for June delivery breached its upper Bollinger Band, which confirms the bullish momentum. Moreover, the price has sustained above its 50 simple moving average (SMA) indicating power in the hands of the bulls," said Sumeet Bagadia, Executive Director, Choice Broking.

copper_june 5

Source: Choice Broking

He added that the Moving Average Convergence Divergence (MACD) has shown a positive crossover, which suggests that the bulls are in control and the price may head towards Rs 450 in the near term.

In the futures market, copper for June delivery touched an intraday high of Rs 431.20 and a low of Rs 423 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 380 and a high of Rs 431.20.

Close

Copper futures for June delivery gained Rs 7.05, or 1.66 percent, to Rs 430.70 per kg at 18:50 hours on a business turnover of 4,964 lots. The same for July delivery was up Rs 7.40, or 1.73 percent, to Rs 434 per kg on a turnover of 253 lots.

The value of June and July contracts traded so far is Rs 1,143.29 crore and Rs 15.31 crore, respectively.

At 13:13 (GMT), the base metal futures gained 2.67 percent quoting $2,556 per tonne in London.

Disclaimer: 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.

Moneycontrol News
first published: Jun 5, 2020 07:31 pm

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