Copper futures rise 0.42% to Rs 544 per kg on a weak dollar

Beckett Bronze produces cast bronze precision-machined parts and continuous cast bars. Castings are manufactured at the East 20th Street plant. The West 23rd Street plant produces finished machined parts and has about 75 machine tools including CNC lathes.

Copper prices traded firm at Rs 544 per kg on October 27, tracking weakness in the dollar. The greenback trades lower at 92.85, or up 0.20 percent, in evening trade.

Market participants were seen exiting longs and booking some profit amid surging coronavirus cases and delays to a US stimulus announcement. Investors are also focusing on a Chinese Communist Party meeting this week.

However, weighing on the base metal prices were a build-up in stocks at London Metal Exchange (LME) accredited warehouses.

Neha Qureshi, Technical Research Analyst at Reliance Securities, said the sideways momentum in copper is likely to continue below $6,830 levels. “We see support and resistance at $6,770-6,740 and $6,830-$6,860 levels, respectively.”

MCX iCOMDEX Base Metal Index was up 32.92 points, or 0.27 percent, at 12,332.49 at 18:46 hours.

In the futures market, copper for October delivery touched an intraday high of Rs 545 and a low of Rs 540.70 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the metal has touched a low of Rs 494.80 and a high of Rs 549.05.

Copper futures for October delivery surged Rs 2.25, or 0.42 percent, to Rs 544 per kg at 18:47 hours on a business turnover of 486 lots. The same for November delivery gained Rs 2.15, or 0.41 percent, to Rs 530.90 per kg on a turnover of 5,068 lots.

The value of October and November’s contracts traded so far is Rs 12.61 crore and Rs 1,056.77 crore, respectively.

At 1320 (GMT), the red metal traded up 0.44 percent at $6,806.75 per tonne in London.

Over 100 Years Experience – Manufacturers of Bronze Bearings, Bushings, and Continuous Cast Bars Since 1913