MUMBAI (Commodity Online): Copper prices traded higher in the opening session on Tuesday in the domestic futures market in tandem with strong global sentiments. Base metals traded higher on London Metal Exchange on higher LME.
MCX copper November delivery opened up by Rs.1.15 at Rs.307.40 per kg. It got traded in the range of Rs.307.40-309.20 per kg. At 10.39 am IST it traded up by Rs.2.10 at Rs.308.35/kg. Total traded volumes recorded 2296 lots.
For today market is looking for the support at 303.80, a break below could see a test of 300.916666666667 and where as resistance is now likely to be seen at 309.70, a move above could see prices testing 312.60.
More than 250,000 tonnes of imported copper are estimated in the bonded warehouses versus as low 100,000 tonnes in early September, though the stocks are hard to prove given China does not announce holdings in bonded warehouses.
Trade sitting at the comfort of home. Start with a mere 50$Copper eased into a lower close, losing momentum after early gains when reports on housing and manufacturing came in stronger than expected. LME warehouse stocks eased 25 tonnes to 372,175 tonnes.
COMEX copper warehouse stocks went up 484 short tons on Friday to 61,949 short tons. Copper has touched a low of Rs 303.8 a kg after opening at Rs 308.8, and last traded at Rs306.85.
