MUMBAI (Commodity Online): Copper prices spurted in the domestic futures market Monday in tandem with global sentiments as the base metal futures at the LME are strong against weak US dollar and equities.
MCX copper November delivery opened Re.0.55 higher at Rs.304.50 per kg. It traded in the range of Rs.304.50-307.30 per kg. At 10.26 am IST it traded Re.2.25 up at Rs.306.20/kg. Total traded volumes recorded 2703 lots.
For today market is looking for the support at 303.70, a break below could see a test of 303.50 and where as resistance is now likely to be seen at 304.00, a move above could see prices testing 304.20.
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Copper settled flat as extended losses in the dollar and a firmer tone in equity markets fed the gains and kept prices bumping along the upper end of the range, despite persistent demand concerns from rising inventories.
Inventories of copper stored in London Metal Exchange warehouses rose 1,500 metric tons Friday, leaving them at 403,625. Once-a-week data released on Fridays by the Shanghai Futures Exchange showed a weekly rise of 664 metric tons to 104,939.
