MUMBAI (Commodity Online): On the heels of the weak trends that prevailed in the overnight in base metals trade on the London Metal Exchange, pulled down copper futures in the domestic futures market on Thursday.
Copper August contract fell by 0.05% at Rs 307.75 a kg, with an open interest in 16,583 lots. At the LME, copper fell by 0.3 per cent in yesterday's trading. According to analysts, apart from emergence of profit-booking at higher levels, weak trend in metal prices on demand concern also weighed on the copper prices at the domestic futures market.
Copper remain near steady despite stronger-than-expected durable goods and new-home sales data because these numbers were already largely priced in. Inventories of copper stored in London Metal Exchange warehouses fell 200 metric tons, leaving them at 296,400.
Trade commodities or equities from across the globe. Join NowThe most recent Comex inventory data, released late Tuesday afternoon, were up 202 short tons at 52,686 short tons. Copper has touched a low of Rs 306.1 a kg after opening at Rs 306.45, and last traded at Rs307.95.
For today market is looking for the support at 305.25, a break below could see a test of 302.55 and where as resistance is now likely to be seen at 311.5, a move above could see prices testing 315.05.
