MUMBAI (Commodity Online): Copper prices moved down Wednesday in the domestic futures market as speculators liquidated their long position tracking worsening LME sentiments.
MCX copper April contract eased by Rs 0.70, or 0.21 percent, to Rs 325.75 a kg in an open interest of 136 lots. The metal for delivery in February contract also traded Rs 0.60 or 0.18 per cent down at Rs 323.80 a kg, in an open interest of 21,115 lots.
For today market is looking for the support at 322.55, a break below could see a test of 320.7 and where as resistance is now likely to be seen at 326.25, a move above could see prices testing 328.1.
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At the LME, copper for three-month delivery fell by 0.62 per cent or $43 to $ 6,897 a tonne. Copper prices closed down on as concerns about swollen inventory levels weighed on sentiment and investor position-squaring picked up pace as the dollar extended its late-year rally.
China’s refined copper imports in November rose strongly from October to 194,388 metric tons, shrugging off market expectations of a seasonal slowdown as year-end hoarding and stimulus spending kept demand strong. Inventories of copper stored in LME warehouses rose 1,450 metric tons, leaving them at 480,900.