In the futures market, copper for September delivery touched an intraday high of Rs 523.45 and a low of Rs 516 per kg on the MCX
Copper prices edged lower to Rs 519 per kg on September 3 as participants increased their short position as seen by the open interest.
The base metal price fell as the US dollar struggled for direction and the Peruvian government eased concerns over supply from the world number 2 producer.
The US Dollar Index trades little changed near 92.77 levels amid mixed cues.
US Labour Department reported that the number of Americans filing for unemployment benefits totalled 881,000 for the week ended August 29.
Copper stock at LME warehouses fell by 3,275 tonnes on September 2 to hit the lowest since December 2005.
In the futures market, copper for September delivery touched an intraday high of Rs 523.45 and a low of Rs 516 per kg on the MCX. So far in the current series, the precious metal has touched a low of Rs 486 and a high of Rs 531.
Copper delivery for September contract slipped Rs 3.35, or 0.64 percent, to Rs 519 per kg at 19:31 hours with a business turnover of 4,583 lots. The same for October contract was down 1.95, or 0.38 percent, to Rs 516.50 per kg with a turnover of 266 lots.
The value of September and October’s contracts traded so far is Rs 1,559.37 crore and Rs 12.52 crore, respectively.
MCX Copper price is expected to trade negatively with resistance at Rs 522 and intermediate resistance at Rs 520 level, according to Motilal Oswal. The brokerage firm advised its clients to sell on rallies targeting lower support at Rs 515-513 zone.
At 1403 (GMT), the red metal price was down 0.63 percent quoting at $6,644.50 per tonne in London.
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