Copper prices fell slightly to Rs 52,510 per kg on November 2 as participants increased their short position as shown by open interest The red metal traded lower as the markets await the result of the US presidential elections
Base metals started the weakness on a lower note, with the coming days likely to bring increased volatility for many asset classes
« Base metal prices traded in admixture with most metals maintained a stable trading range amid stronger dollar and demand concerns after lockdown in Europe Base metals held firm after Caixin’s manufacturing PMI in China hit 536 versus a forecast of 529 Copper prices could trade under pressure amid weakness in global stock indices and growth concerns demand, ”said Tapan Patel, senior analyst (commodities), HDFC Securities
Patel expects base metals to trade under pressure from weak global indexes and stronger dollar with MCX Copper support at Rs 520 and resistance at Rs 528
« LME Copper opened on a negative note at $ 6,696 25 levels, hit a high of $ 6,740.50 and made a low of $ 6,672 25 Price is currently trading at $ 6,719.50 level Copper holds above 50- DMA at levels $ 6,699 below which can see a sharp drop from the levels of $ 6,655 to $ 6,637 Resistance is at $ 6,750, « said Neha Qureshi, Technical Research Analyst at Reliance Securities
The MCX iCOMDEX Base Metal Index was down 1656 points, or 013 percent, to 1,229,071 at 6:23 pm
In the futures market, copper for November delivery hit an intraday high of Rs 52,675 and a low of Rs 52,320 per kg on the MCX So far in the current series, the precious metal has hit a low of Rs 49,340 and a maximum of Rs 54,135
Copper delivery for November slipped Rs 130 or 025 percent, to Rs 52,510 per kg at 6:23 pm with a turnover of 5,038 lots The same for the December contract gained Rs 020 or 004 percent , at Rs 526 per kg with a turnover of 273 lots
The value of the November and December contracts traded so far are Rs 98,691 crore and Rs 3,308 crore, respectively
MCX Copper November is struggling near 21 as well as 50 daily moving average where below Rs 523 could see further drop down to Rs 519-516 levels However, the rebound above Rs 528 can see bullish momentum returning to levels of Rs 531-533, Qureshi said
At 1255 (GMT), the price of the red metal rose 030 percent citing $ 673225 per tonne in London
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Copper, London Metal Exchange, US Presidential Election, 2020, Manufacturing, Joe Biden
World News – CA – Copper Futures Down 025% at Rs 52,510 per kg on weak overall signals
SOURCE: https://www.w24news.com
