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Copper futures trade flat at Rs 525.10 per kg in evening trade

Date: 15-10-2020
Subject: Copper futures trade flat at Rs 525.10 per kg in evening trade
Copper prices were steady at Rs 525.10 per kg on October 14 as participants increased their long positions. The base metal complex showed a mixed trend due to lack of direction in the market.

Prices remained steady on speculation of a supply threat in major producer Chile and significant demand recovery from China.

China copper import rose in September to 722,450 tonne, their second-highest level on record.

MCX iCOMDEX Base Metal Index was up 36.16 points, or 0.30 percent, at 11,941.12 at 18:14 hours.

In the futures market, copper for October delivery touched an intraday high of Rs 528 and a low of Rs 524.50 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 494.80 and a high of Rs 532.60.

Copper futures for October delivery gained Rs 1.35, or 0.26 percent, to Rs 525.45 per kg at 18:15 hours on a business turnover of 5,567 lots. The same for November delivery traded higher Rs 1.30, or 0.25 percent, to Rs 524.80 per kg on a turnover of 1,040 lots.

The value of October and November’s contracts traded so far is Rs 1,252.22 crore and Rs 45.33 crore, respectively.

Neha Qureshi, Technical Research Analyst at Reliance Securities, said, “Copper is holding above its 21-Daily Moving Average, which is placed at $6,652 levels, indicating sideways to upside momentum in the counter, whereas resistance is seen at $6,760-$6,790 levels.”

"MCX Copper October has bounced back from its 21 as well as 50 Daily Moving Average, which signifies that Rs 520 levels hold immediate support in the counter. Resistance is placed at Rs 527-529 levels. Copper could trade sideways to marginal upside momentum," Qureshi said.

At 12:50 (GMT), the red metal price rose 0.68 percent to $6,730.50 per tonne in London.


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