Copper prices fell to Rs 52,655 per kg on October 28 as participants increased their short position The base metal slashed the morning’s gains and slipped into the negative zone, following the gains dollar
The red metal traded lower as the market player moved from riskier assets to safe-haven assets amid rising coronavirus infections, uncertainty over US stimulus package and in the US presidential elections Copper was also weighed down by the increase in stocks in the authorized warehouses of the London Metal Exchange (LME)
The MCX iCOMDEX Base Metal Index was down 3,336 points, or 027 percent, to 1232411 at 19:11 hours
In the futures market, copper for November delivery hit an intraday high of Rs 53,335 and a low of Rs 52,430 per kg on the Multi-Commodity Exchange (MCX) So far in the current series, the Precious metal reached a low of Rs 49,340 and a high of Rs 54,135
Copper futures for November delivery slipped 3 Rs25 or 061 percent, to Rs 52,655 per kg at 7:13 pm on a turnover of 4,673 lots The same for December delivery fell Rs 29 or 055 percent, at Rs 52,640 per kg on a turnover of 137 lots
The value of November and December contracts traded so far is Rs 1,73799 crore and Rs 3,132 crore, respectively
Neha Qureshi, Technical Research Analyst at Reliance Securities, said: “November MCX copper futures are trading flat in the Rs 529-533 range, indicating lateral to marginal downward momentum Support and resistance lie at the levels of Rs 527-523 and Rs 532-534 respectively «
Geojit Financial Services sees initial weakness below Rs 52,750 « We could expect prices to pick up to Rs 53,530-53780 levels »
At 1:47 p.m. (GMT), the price of the red metal eased 071 percent to $ 6,742.50 a tonne in London
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World news – CA – Copper futures are trading lower at Rs 52,655 / kg on a firm dollar
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SOURCE: https://www.w24news.com
