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Copper prices were trading stable at Rs 602. 75 per kg on 14. December, when participants increased their long positions as indicated by open interest. The base metal won on a gap up and won flat in the second half.
Copper has moved sideways towards a higher risk appetite and weakness in the US dollar index.
Antofagasta, a Chilean miner, has successfully signed a contract with one of the unions at the Centinela mine while negotiations with another continued.
Hedge funds and money managers will have their bullish position in COMEX copper contracts for the week ending March 8, according to the CFTC. December at 4. 694 contracts for 90. 434 increased.
Neha Qureshi, technical research analyst at Reliance Securities, said, “LME Copper is trading on a flat note that is below 7. 800 USD trades. It could be in a range of 7. 680 to 7. 830 USD are traded. MCX Copper December is trading on a muted note with Rs 605 levels holding resistance and immediate support at Rs 597 levels which is likely to trade in this area. ”
She advised customers to buy Copper December for 598 rupees. 599 with a stop loss of Rs 596 and for a goal of Rs 605.
The MCX iCOMDEX base metals index rose by 100. 40 points or 0. 74 percent at 13. 743. 76 at 16:36.
In the futures market, copper hit an intraday high of 605 rupees for December delivery. 65 and a low of Rs 601. 10 per kg on the MCX. So far the base metal has hit a low of Rs 501 and a high of Rs 607 in the current series. 85.
The copper shipment for December won Rs 1 or 0. 17 percent to 602 rupees. 75 per kg at 4:38 p.m. with a business turnover of 5. 301 lots. The same for the January contract rose Rs 1. 15 or 0. 19 percent on Rs 602. 35 per kg with a turnover of 479 lots.
The value of the contracts traded so far in December and January is Rs 768. 07 crore and Rs 23. 36 crore each.
Kshtij Purohit, Product Manager at Currency & Commodities at CapitalVia Global Research Limited, said, “MCX Copper is consistently above 40 EMAs and is on a strong uptrend. It traded in the range of Rs 598-595 with resistance at Rs 606-608 during the evening event.
At 1113 (GMT) the price of red metal increased 0. 32 percent at 7th. $ 795. 25 per ton in London.
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The London Metal Exchange, Copper, Nickel, Vaccine
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