MUMBAI (Commodity Online): Copper futures failed to keep its higher gains that it achieved a month ago in the domestic futures market due to the persisting sluggishness in the base metals on Monday.
MCX Copper is trading at Rs 296.55 per kg down Rs 5. The prices have corrected from a high of Rs 312 per kg registered last week.
As per latest news from China, Chinese metal products data for July indicates a turnaround in a previously robust demand picture, with major end-users like fabricators and battery producers slowing output from the previous month.
Start trading in commodities from as low as $50. Join nowCrude futures are down, following a slide in the stock market and after the Reuters/University of Michigan survey showed consumer confidence down earlier this month. An increase in output is not on OPEC's agenda because of high oil storage levels, Iran's OPEC governor Mohammad Ali Khatibi told.
Now support for the crude is seen at 3326 and below could see a test of 3271. Resistance is now likely to be seen at 3482, a move above could see prices testing 3583.
