Copper costs edged decrease to Rs 533.75 per kg on September 21 as members elevated their brief place as seen by the open curiosity. Base metals held again positive factors on account of uptick within the greenback.
The US greenback index, measured towards a basket of six currencies, gained 0.37 % to 98.
Base metals gained in two buying and selling periods of the week on US vaccine hopes and greenback decline whereas demand development optimism from China capped draw back.
Tapan Patel- Senior Analyst (Commodities), HDFC Securities mentioned, copper costs continued bullish stance with costs rose to a two-year excessive on sturdy demand from China regardless of the rise in weekly inventories at SHFE and LME. Nevertheless, copper inventories at LME are nonetheless 70 % down from the Could 2020 peak ranges. THE CFTC information confirmed that web lengthy positions at COMEX Copper rose by 7510 heaps to 2-year excessive signalling excessive funding urge for food. LME Copper costs have sustained above the important thing resistance above $6750 per tonne.
Within the futures market, copper for September supply touched an intraday excessive of Rs 539.80 and a low of Rs 532.50 per kg on the MCX. Up to now within the present sequence, the dear metallic has touched a low of Rs 486 and a excessive of Rs 539.80.
Copper supply for September contract slipped Rs 3.10, or 0.58 %, to Rs 533.75 per kg at 16:32 hours with a enterprise turnover of 4,380 heaps. The identical for October contract slide 1.55, or 0.29 % to Rs 529.30 per kg with a turnover of 1,299 heaps.
The worth of September and October contracts traded thus far is Rs 1,062.05 crore and Rs 90.16 crore, respectively.
Patel expects copper costs to proceed the bullish development with resistance at $6950/7510 per tonne. At MCX, Copper September contract has necessary resistance at Rs 540/546 and help at Rs 528 for the approaching week.
At 1103 (GMT), the purple metallic worth slipped 0.65 % quoting at $6,808.25 per tonne in London.
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First Revealed on Sep 21, 2020 04:48 pm