In the futures market, copper for June delivery touched an intraday high of Rs 449.20 and a low of Rs 443.55 per kg on the MCX.
Copper prices eased to Rs 445.50 per kg on June 11 as participants increased their short positions. The base metal traded lower on profit-booking by traders after bearish growth forecast by US Federal Reserve added to demand concerns and worry about the second wave of coronavirus infection.
LME Copper stock has fallen to its lowest since February 24 at 130,225 tonnes due to robust demand from China and reopening of economies may support the price from fall further.
In the futures market, copper for June delivery touched an intraday high of Rs 449.20 and a low of Rs 443.55 per kg on the MCX. So far in the current series, the precious metal has touched a low of Rs 380 and a high of Rs 451.20.
Copper delivery for June contract slipped Rs 5.15, or 1.14 percent, to Rs 445.50 per kg at 17:51 hours with a business turnover of 4,938 lots. The same for July contract edged lower Rs 4.70, or 1.03 percent, to Rs 449.45 per kg with a turnover of 601 lots.
The value of June and July contracts traded so far is Rs 1,192.40 crore and Rs 28.10 crore, respectively.
MCX Copper price is trading under an ascending broadening wedge pattern, price is expected to trade positively. Any breakout above Rs 449 next leg of the rally would push the price higher towards Rs 453-455 level in intraday, according to Axis Securities.
The price has been trading above 20 and 60 EMA which is a bullish sign and the relative strength index (RSI) is trading at 60 indicating higher momentum.
The broking firm advised its clients to buy June copper at Rs 447with stop loss at Rs 445 and a target of Rs 450.
At 12:38 (GMT), the red metal futures slipped 1.61 percent quoting at $5,807,75 per tonne in London.
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