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Copper futures trade lower at Rs 510.15 per kg on weak demand.

Date: 26-09-2020
Subject: Copper futures trade lower at Rs 510.15 per kg on weak demand
Copper prices slid to Rs 510.15 per kg on September 25, tracking firmness in the dollar. The Dollar Index, measured against a basket of six currencies, gained 0.21 percent to trade at 94.58.

Prices weakened as China import premiums declined due to easing demand as well as an increase in speculative short positions as revealed by open interest data from Chicago Mercantile Exchange CME. Rising coronavirus cases in Europe also weighed on prices.

Meanwhile, on-warrant copper stocks stood at 28,825 tonne, the lowest since March 2019 and down about 90 percent since May, capping the downside.

MCX iCOMDEX Base Metal Index was down 68.91 points, or 0.59 percent, at 11,519.71 at 18:16 hours.

In the futures market, copper for September delivery touched an intraday high of Rs 532.50 and a low of Rs 528 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 486 and a high of Rs 539.80.

Copper futures for September delivery slipped Rs 3.5, or 0.68 percent, to Rs 510.15 per kg at 18:17 hours on a business turnover of 28 lots. The same for October delivery declined 2.8, or 0.54 percent, to Rs 514.85 per kg on a turnover of 3,844 lots.

The value of September and October’s contracts traded so far is Rs 84.05 crore and Rs 1,031.81 crore, respectively.

"MCX October Copper will continue to face resistance at Rs 520.50 whereas supports are placed at Rs 511.50-508 levels," according to Motilal Oswal.

At 12:50 (GMT), the red metal dipped 0.48 percent to $6,540 per tonne in London.


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