Copper futures trade firm at Rs 529.40 per kg on dollar weakness

Copper prices trade firm at Rs 529.40 per kg on November 3 as participants increased their long positions, as seen by the open interest. The base metals pack in the international market traded sideways to higher ahead of the United States presidential election.

Copper prices were getting support from a steady decline in stocks across exchange warehouses along with supply disruption in Chile due to an ongoing strike.

Neha Qureshi, technical research analyst at Reliance Securities said, "LME Copper opened on a positive note at $6,799.50 levels, made a high of $6,817 and made a low of $6,678.50. Price is currently trading at $6,805 level. Copper is holding above 21 as well as 50-DMA at $6,770 levels above which can see a bullish momentum to $6,830-6,880 levels. Support is placed at $6,750 levels."

MCX iCOMDEX Base Metal Index was up 63.19 points, or 0.51 percent, at 12,411.14 at 7:21 pm.

In the futures market, copper for November delivery touched an intraday high of Rs 530.40 and a low of Rs 527.55 per kg on the MCX. So far in the current series, the precious metal has touched a low of Rs 493.40 and a high of Rs 541.35.

Copper delivery for November gained Rs 1.85, or 0.35 percent, to Rs 529.40 per kg at 7:23 pm with a business turnover of 5,251 lots. The same for December contract rose Rs 3, or 0.57 percent to Rs 531.25 per kg with a turnover of 635 lots.

The value of November and December’s contracts traded so far is Rs 1,100.10 crore and Rs 54.10 crore, respectively.

"MCX Copper November is trading on a positive note where above Rs 528 can see a bullish momentum up to Rs 531-533 levels. Support is at Rs 526-523 levels," said Qureshi.

At 1:55 pm GMT, the red metal price rose 0.62 percent quoting at $6,818.75 per tonne in London.