MUMBAI (Commodity Online): Copper prices remained down for the second consecutive day in the domestic futures market Friday due to weakening global sentiments. Demand for copper is still not robust but the smelters are facing problems of supply threats due to strikes and damages.
MCX copper November delivery opened Re 0.45 down to Rs.307.45 per kg. It traded in the range of Rs.307.50-308.90 per kg. At 11.08 am IST it traded up by Re.0.85 at Rs.308.75/kg. Total traded volumes recorded 4,280 lots.
For today market is looking for the support at 304.95, a break below could see a test of 303.1 and where as resistance is now likely to be seen at 308.95, a move above could see prices testing 311.1.
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Copper drifted amid uncertainty about the economic outlook and how central banks will proceed, trading slightly lower Thursday along with most of the base metals on the London Metal Exchange.
Copper prices declined as rising inventories fueled concern that demand is waning for the metal used in pipes and wires. Stockpiles at LME jumped 1.5 percent to 379,825 metric tons where as Shanghai Futures Exchange have soared 62 percent since Aug. 1, raising concern that demand from the Asian nation is slowing.
