MUMBAI (Commodity Online): Copper prices in the domestic futures market on Wednesday opened with marginal gains because of the weak sentiments at the LME terminal for base metals yesterday.
MCX copper November delivery opened up by Rs.0.55 at Rs.308.95 per kg. It got traded in the range of Rs.309.00-310.40 per kg. At 10.40 am IST it traded up by Rs.1.85 at Rs.310.25/kg. Total traded volumes recorded 4839 lots.
For today market is looking for the support at 304.75, a break below could see a test of 300.8 and where as resistance is now likely to be seen at 310.9, a move above could see prices testing 313.1.
Trade sitting at the comfort of home. Start with a mere 50$Copper bounced yesterday, with spillover support from a stronger precious metals complex providing a modest lift ahead of a Federal Reserve interest rate decision. Inventories of copper stored in London LME warehouses rose 1,625metric tons, leaving them at 373,800.
The most recent Comex inventory data, released late Monday, were up 251 short tons at 62,200 short tons. Copper has touched a low of Rs 303 a kg after opening at Rs 307.4, and last traded at Rs308.7.
