MUMBAI (Commodity Online): Copper futures recovered from last session’s losses Thursday on the back of firming global sentiments driven by weak US dollar. MCX copper February traded higher by Rs 1.50 or 0.46 percent to Rs 331.15 per kg with an open interest in 25,902 lots.
For month April contract also gained Rs 1.50 or 0.45 percent to conclude at Rs 333.05 per kg with an open interest in 1,569 lots. At the LME, copper rose 0.86 per cent to $7,060 per tonne, while at Shanghai, the metal spurted by 1.78 per cent to a 15-month high of 56,600 Yuan per tonne.
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Copper prices rallied with values in London hurdling back up above the $7,000 per tonne level in late business as the dollar weakened and supply threats mounted at one of the world’s top copper mines.
The weakening dollar prompted some participants to buy back previously sold copper contracts as they were evening up positions going into the year-end holidays. Inventories of copper stored in LME warehouses rose 1,875 metric tons, leaving them at 482,775.
Comex inventory numbers, released late Tuesday, were up 1,005 short tons at 97,194 short tons. For today market is looking for the support at 325.5, a break below could see a test of 321.35 and where as resistance is now likely to be seen at 332, a move above could see prices testing 334.35.