MUMBAI (Commodity Online): On fears of weak US metal data on Thursday, LME participants liquidated their profits which affected the copper futures in the domestic market as did the other base metals.
MCX copper November delivery opened down by Rs.0.40 at Rs.307.65 per kg. It got traded in the range of Rs.307.00-308.00 per kg. At 10.53 am IST it traded down by Rs.0.60 at Rs.307.45/kg. Total traded volumes recorded 4681 lots.
For today market is looking for the support at 304.70, a break below could see a test of 301.40 and where as resistance is now likely to be seen at 312.60, a move above could see prices testing 317.20.
Start trading in commodities from as low as $50. Join nowCopper closed at a 1-1/2 week low, under pressure from an extended bounce in the dollar and sliding equities after a surprising drop in new home sales raised doubts about the strength of the economic recovery.
Inventories of copper stored in LME warehouses rose 1,075 metric tons, leaving them at 371,725. The most recent Comex inventory data, released late Tuesday afternoon, were up 783 short tons at 59,811 short tons. Copper has touched a low of Rs 306 a kg after opening at Rs 312.2, and last traded at Rs308.05.
