MUMBAI (Commodity Online): Copper prices dipped on Friday in the opening trade in the domestic futures market in tandem with weak global sentiments. Rio Tinto results for the first half 2009 disappointed the traders in Base metals and the prices saw correction in the evening trades.
MCX Copper has corrected by 0.50% or Rs 2 to Rs 293 per kg. At present, MCX February contract is trading down by 1.07% to Rs 295.3 per kg and November contract down at Rs 294.89 pet kg.
Copper fell slightly as participants booked profits while concerns linger about Chinese demand for the metal. The market moved sideways most of the trading day due in part to the lack of any fresh fundamental news.
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Inventories of copper stores in London Metal Exchange warehouses rose 1,250 metric tons, leaving them at 293,250. The most recent Comex inventory data, released late Wednesday afternoon, were down 338 short tons at 52,585 short tons.
For today market is looking for the support at 291.40, a break below could see a test of 288.20 and where as resistance is now likely to be seen at 299.10, a move above could see prices testing 303.50.
