Commodity Watch: Copper futures rise on spot demand

In the domestic market Copper futures were trading high during the noon trade on Friday as participants extended their positions in the industrial metal amid hike in physical demand for copper in the domestic spot market.

Further, the price for copper in the domestic markets rose due to an increase in demand for the metal at the future trade. At the MCX, copper futures for Nov. 2016 contract is trading at Rs 321.50 per kg, upward by 0.14 %, after opening at Rs 320.80, against a last close of Rs 321.05. It touched the intra-day high of Rs 321.70.

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Today Copper futures drop during noon

In the domestic market Copper futures were trading lower during the afternoon trade on Thursday as participants exited their positions in the industrial metal on lower physical demand for copper form consuming industries coupled with weak overseas cues.

Further, the slide in prices for copper was attributed to a weak global trend where metal weakened and a decrease in demand form consuming industries at the domestic spot markets, too influenced copper prices at futures trade.

At the MCX, copper futures for Nov 2016 contract is trading at Rs 321.30 per kg, downward by 0.22 %, after opening at Rs 322.10, against a previous close of Rs 322. It touched the intra-day low of Rs 319.80.

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Copper futures were trading with slim Gains

 Base Metal Tips - Copper futures were trading with slim gains during noon trade in the domestic market on Tuesday as signs of a rebound in the Japanese economy offset concerns that a worsening economic slowdown in China may curb demand for industrial metals.  Factories in Japan boosted production at the fastest pace in 20 months as the country’s manufacturing PMI climbed to 52.8 in November from 52.4 in October, with a reading above 50 signaling expansion, an indication that the world’s third biggest economy may have bounced back from a recession, in the last quarter of 2015.

However, the gains in copper were trimmed by ongoing worries over China’s economy which is tipped to grow at the weakest pace in more than two decades in 2015.

At the MCX, Copper futures for November 2015 contract were trading at Rs.297.15 per kg, up by 0.19 per cent, after opening at Rs. 296.6, against the previous closing price of Rs. 296.6. It touched an intraday high of 298.35.

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Copper prices Rose by 1.21 percent on Thursday

 

Copper prices rose by 1.21 per cent on Thursday as weak China inflation data reinforced views that Beijing will roll out fresh support measures soon for the world's second largest economy. Government data released earlier showed that Chinese producer prices fell by a more-than-expected 5.9 per cent in August, the 42nd straight monthly decline and the worst reading since October 2009. At the MCX, copper futures for November 2015 contract were trading at Rs. 367.50 per 1 kg, up by 1.21 per cent, after opening at Rs. 362.15 against the previous closing price of Rs. 363.30. It touched the intra-day high of Rs. 368 till the trading. (At 4.30 PM today). Sentiment improved further due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 2550 metric tonnes to 344300 metric tonnes as on September 10, 2015.

 

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Weekly MCX Commodity Market Updates and News

MCX GOLD
For the next week traders can use buy on lower level strategy if MCX Gold above 28000 it can test the level of 28150/28300. Trade by keeping the strict stop losses.
Major support in MCX Gold is 25500 and 24000
Major resistance in MCX Gold is 28700 and 29500

MCX SILVER
For the next week traders can use buy on lower level strategy if MCX Silver sustains above 54000 then it can test the level of 54500/55200/56000, Trade by keeping the proper stop losses. For the upcoming week MCX Silver 56000 and 58000 will act as major resistance and 48000 and 45000 will act as major supports.

MCX COPPER
Copper is in a consolidation phase and traders should use the strategy of buy on lower levels. For the upcoming week MCX Copper major resistance would be 425 and 440 and supports would be found at 390 and 375.

MCX CRUDE OIL
For the next week traders can use buy on lower level strategy, if MCX Crude sustains above 5370 then above 5430 it can test the level of 5480/5530 in this week. Trade by keeping the proper stop loss. For the coming week MCX Crude Oil major resistance is found at 5400 and 5600 and major supports will be 4900 and 4600.

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MCX & NCDEX Agri Commodity Market Updates Today

In MCX Bullions Gold prices can open with positive bias. Base metals may open in green tracking positive opening in SHFE. MCX Copper prices can test 375 while MCX lead nickel can test Rs. 1000. MCX Crude oil can also trade on mixed note however bias will remain on upside and the prices can test Rs. 4400.

MCX Gold Dec settled yesterday at Rs. 26458, it lost Rs. 135 for the day. MCX Silver Dec settled yesterday at Rs. 52228, it lost Rs. 929 yesterday. MCX Crude Oil settled yesterday at Rs. 4357 however, it is expect to open in a negative territory today. All base metals are likely to open in a negative territory today.

Pepper futures may trade bearish tracking weak spot markets. Pepper futures to trade higher for the day. Cardamom futures may trade in red zone. Jeera futures may trade sideways. Guar complex may trade sideways. Guar Complex is expected to trade lower for the day. Domestic oilseeds may trade sideways. Outlook for Soybean is seen down for the day. CPO is expected to trade lower.  Outlook for Chana is sideways to up for the day. Outlook for Jeera is sideways to down for the day.

FREE mcx gold tips, silver trading tips, live commodity rates, copper prices, crude updates

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