Copper costs declined to Rs 503.70 per kg on August 13 as members elevated their brief positions. The bottom steel pared beneficial properties within the second half of the session monitoring weak international cues.
The bottom steel fell as a consequence of uncertainty relating to additional US stimulus and weak demand in China.
Within the futures market, copper for August supply touched an intraday excessive of Rs 513.50 and a low of Rs 502.60 per kg on the Multi-Commodity Change (MCX). Up to now within the present collection, the valuable steel has touched a low of Rs 441 and a excessive of Rs 516.40.
Copper for August supply slipped Rs 10.60, or 2.06 p.c, to Rs 503.70 per kg at 21:54 hours on a enterprise turnover of 4,360 tons. The identical for September supply fell Rs 9.45, or 1.86 p.c, to Rs 497.40 per kg on a turnover of 310 tons.
The worth of August and September contracts traded to this point is Rs 2,656.54 crore and Rs 46.77 crore, respectively.
Copper is more likely to face stiff resistance at Rs 512.70-514 whereas help stays at Rs 506.20-504, in keeping with Motilal Oswal.
At 16:27 (GMT), the crimson steel was down 2.68 p.c at $6,263.75 per tonne in London.
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First Revealed on Aug 13, 2020 10:13 pm