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Company trading copper prices at Rs 53,475 per kg on November 6th as participants increased their long position as shown by open interest Base metal extends gains in evening session following weakness dollar and is trading near the high of the day
« LME Copper opened on a flat note at $ 6,84600 levels, hit a high of $ 6,93275 and low of $ 6,833 25 Price being traded at the $ 6,930 level Copper broke above levels of $ 6,900 from its consolidation phase for several days, indicating a continuation of positive momentum up to levels of $ 6,983 to $ 7,030 Support is estimated at levels of $ 6,800 to $ 6,865 ”, a said Neha Qureshi, Technical Research Analyst at Reliance Securities
The iCOMDEX MCX Base Metals Index rose 9,333 points, or 075 percent, to 1,256,790 at 8:47 pm
In the futures market, copper for November delivery hit an intraday high of Rs 53,670 and a low of Rs 52,625 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
The copper delivery for November gained Rs 680 or 129 percent, to Rs 53,475 per kg at 8:49 pm with a turnover of 5,245 lots The same for the December contract increased by 5 Rs45 or 103 for cent, at Rs 535 per kg with a turnover of 735 lots
The value of the November and December contracts traded so far are Rs 1,951 crore and Rs 3,803 crore, respectively
MCX Copper November gave a breakout with good volume activity above Rs 530 levels where trading near Rs 534 levels indicating a positive trend to continue above Rs 529 levels Support is Placed at Rs 528-525 levels Resistance holds at Rs 536-539 levels, Qureshi said
« MCX Copper is moving in an uptrend with the ‘Higher Top and Higher Bottom’ formation Price took support at the ‘Rising Trendline’ and the 50-day simple moving average indicating an uptrend on the meter », said Sachin Gupta, Senior Associates at Choice Broking
The price also held above the “Ichimoku Cloud” formation with a positive cross between the conversion line and the baseline In addition, the Relative Strength Index (RSI) and the Stochastic have shown a positive cross that supports the price in the short term
Gupta expects November MCX Copper contract bullish move to Rs 555 level in the short term
At 3:25 p.m. (GMT), the price of the red metal edged up 128 percent citing $ 6,953 per tonne in London
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US Presidential Election 2020, Copper, Joe Biden, The London Metal Exchange
Global News – CA – Copper Futures Up 129% to Rs 53,475 per kg for a weaker dollar
