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Copper futures remain flat at Rs 597.75 per kg on muted global cues
In the futures market, copper for February delivery touched an intraday high of Rs 600.90 and a low of Rs 594.55 per kg on the MCX.
Mumbai / February 04, 2021 / 07:58 PM IST
Copper prices were steady at Rs 597.75 per kg on February 4 as participants increased their long positions as seen by the open interest. The base metal traded in a narrow range after a gap up open in evening trade.
Commodities in global market trade mixed as support from improved risk sentiment are countered by firmness in the US dollar.
The US dollar traded higher at 91.43 or up 0.32 percent in the evening session.
MCX Copper futures flat at Rs 593.60 per kg; bearish momentum likely to continue
In the futures market, copper for February delivery touched an intra-day high of Rs 596.45 and a low of Rs 588.15 per kg on the MCX.
Copper
Copper prices were steady at Rs 593.60 per kg on February 2 as manufacturing data from top consumer China raised the prospect of slowing demand growth. The base metal extended loss after a gap-up open tracking firm dollar in the evening session.
Copper stocks in LME-registered warehouses, at 74,275 tonnes are close to last September s 15-year trough. Cancelled warrants - metal earmarked for delivery - at 33 percent suggest more metal is due to leave.
Copper futures marginally down at around Rs 599 per kg on firm dollar
In the futures market, copper for February delivery touched an intraday high of Rs 607.80 and a low of Rs 595.35 per kg on the MCX.
Mumbai / January 29, 2021 / 07:06 PM IST
Copper prices eased 0.35 percent to Rs 598.50 per kg on January 29 on increased volatility in the international market. The base metal traded in the red after a gap-down open tracking firm dollar in the evening session.
Logistical issues in COVID-19 vaccinations dented hopes for a speedy recovery in the global economy, keeping a lid on prices for copper.
Copper stocks in warehouses certified by the LME are at their lowest since September at 76,350 tonnes. Stocks in warehouses registered with the Shanghai Futures Exchange are at their lowest since 2011 while Comex inventories are also slipping.
Copper futures firm at Rs 612.85 per kg on demand uptick
In the futures market, copper for January delivery touched an intraday high of Rs 614.85 and a low of Rs 612.15 per kg on the MCX.
Mumbai / January 21, 2021 / 06:35 PM IST
Copper prices rose marginally to Rs 612.85 per kg on January 21 with support from falling stocks in LME and ShFE-approved warehouses along with signs of tightness in the physical market and prospect of further stimulus measures in the US. The base metal pared gains in the evening after a gap-up opening.
The US dollar traded 0.34 percent lower at 90.15 in evening trade. The greenback has shed 0.65 percent this week.