Yesterday indian commodity market in copper traded with the negative node and settled -0.75% down at 407.65 due to a strong dollar and patchy U.S. data that fuelled worries the world’s top economy could be entering a protracted soft patch with rising inflation. Copper inventories in LME-monitored warehouses fell for a third session, with most coming out of warehouses in Gwangyang, South Korea, data on Wednesday showed.
Copper price for June futures quoted at Rs 410.60 per kg, down Re 0.10. Copper traded in the range of Rs 412.50- 408.60 per kg. Total volume so far recorded 53,990 lots.
In yesterday’s trading session copper has touched the low of 407.2 after opening at 410.2, and finally settled at 407.65. For today’s session in copper market is looking to take support at 405.6, a break below could see a test of 403.6 and where as resistance is now likely to be seen at 411.3, a move above could see prices testing 415.
The energy pack, nearly 23 per cent of the business has seen. Dominated the worldwide trend of investments in base metals because of the slowdown is a bit less. So this year, April-May during the trading of base metals including copper has fallen nearly 8 percent.
Copper trading range is 403.6-415.
Copper ended lower as a stronger dollar and more uneven U.S. data spurred investors to take profits
Copper is taking resistance at 411.30 and support is seen at 405.60.
Copper daily stocks at Shanghai exchange came up by 4505 tonnes.