Copper futures flat at near Rs 536 per kg in evening trade

Copper prices were flat at Rs 535.90 per kg on November 11 as participants increased their long position as seen by the open interest. The base metal traded flat to positive in today’s session.

Copper prices were getting support from a decline in inventory at LME and SHFE accredited warehouses along with supply disruption in Chile.

The US dollar traded firm at 93.08 or up 0.38 percent in the evening session.

Neha Qureshi, Technical Research Analyst at Reliance Securities said, “LME Copper opened on a negative note at $6,944.25 levels, made a high of $6,987.75 and low of $6,926.75. Price currently trading at $6,980 level. Copper is trading on a positive note where recently it hit 52 weeks high which was around $7,053.25 level. Support will be at $6,925-$6,880 levels. Resistance is at $6,990-$7,042 levels”

MCX iCOMDEX Base Metal Index was marginally up 0.14 points, or 0.00 percent, at 12,718.46 at 18:22.

In the futures market, copper for November delivery touched an intraday high of Rs 539.40 and a low of Rs 535 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 eased Rs 0.15, or 0.03 percent, to Rs 535.90 per kg at 18:24 hours with a business turnover of 5,030 lots. The same for December contract dropped Rs 0.25, or 0.05 percent to Rs 536.40 per kg with a turnover of 899 lots.

The value of November and December’s contracts traded so far is Rs 1,187.28 crore and Rs 31.97 crore, respectively.

MCX Copper November is sustaining and trading above Rs 535 levels indicating a positive trend to continue above Rs 533 levels with support is at Rs 534-531 levels and resistance holds at Rs 540-544 levels, said Qureshi.

At 1256 (GMT), the red metal price inched higher 0.52 percent quoting at $6,927.25 per tonne in London.