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Copper falls over 1% to Rs 608.50 per kg on strong dollar
In the futures market, copper for January delivery touched an intraday high of Rs 615 and a low of Rs 606.70 per kg on the MCX.
Mumbai / January 15, 2021 / 07:37 PM IST
Copper prices slid to Rs 608.50 per kg on January 15 as participants increased short position as seen by the open interest. The base metal extended decline after a gap down open on the firm dollar.
Base metals consolidated at highs after stimulus announcement and fall in LME and ShFE warehouse stocks. However, the upside was capped amid demand concerns from the biggest metals’ consumer, China, where the coronavirus outbreak has prompted the government to re-impose lockdowns.
MCX copper surges 4.28% to Rs 620.80 per kg, further upside seen in coming week
In the futures market, copper for January delivery touched an intraday high of Rs 631.20 and a low of Rs 615.10 per kg on the MCX.
Mumbai / January 10, 2021 / 04:24 PM IST
Copper prices declined to settle at Rs 620.80 per kg on January 8 as participants reduced their positions as seen by the open interest. The metal opened on a positive note and touched the high of January series but was unable to hold on to the gains and ended in the red, tracking firm dollar and sell-off in global commodities.
The base metal ended the week with a gain of Rs 25.45, or 4.28, percent for the week. On the MCX, copper prices rose in four of the five trading sessions.