Prices for copper rose to Rs 694.15 per kg on April 8 as participants expanded their long positions as evidenced by open interest rates. The base metal was sold green in the evening program after the start of a good global tracking gap.
Non-ferrous metals were selling more than the 5, 20, 50, 100 and 200 day moving averages on the daily chart. The Relative Strength Index (RSI) is at 60.15 indicating price dynamics in prices.
Yangshan’s copper premium is at the lowest level at $ 54 / tonne since November, indicating a decrease in imports into China. The premium reflects the price consumers are willing to pay more than the copper price of LME for physical delivery.
Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited said, “MCX April Copper has been trading with good bias since the morning and prices continue to exceed 50-SMA. In addition, resistance to intraday day at Rs 693-696 levels where it is violated by sufficient volume could result in price s testing of Rs 700 psychological levels in future sessions.
The U.S. dollar dropped to 92.11, up 0.39 percent in the evening program against rival currencies.
IMCX METLDEX increased by 141 points, or 0.98 percent, to 14,498 in 19:29. The indicator tracks the real-time performance of key cornerstones.
In the futures market, the April delivery brass hit a high intraday of Rs 696.40 and Rs 691 per kg on the MCX. So far in the current series, the steel base has touched a low of Rs 657.85 and a high of Rs 732.70.
The copper delivery in April exceeded Rs 4.80, or 0.70 per cent, to Rs 694.15 per kg at 19:30 with a business profit of 3,253 lots. The same May contract received Rs 4.50, or 0.65 percent to Rs 694.50 per kg for a profit of 243 lots.
The total number of April and May contracts sold to date is Rs 1,291.87 crore and Rs 28.98, respectively.
IMCX Copper is likely to trade in favorable sessions over services set at Rs 691-687 and resistance is Rs 699-703, said Motilal Oswal. The retail company advises its customers to shop near the day’s subsidy.
Geojit Financial Services Limited said, “Emotions are always good and can make a profit. However, such measures may result in a dispute of approximately Rs 697. Failure to cancel the same may require a profit reservation. ”
At 1406 (GMT), the red metal price was up 0.55 percent, quoting at $8,981 per tonne in London.