The intricacies of mixed economic data from the US, coupled with the nuanced FOMC meeting minutes, contribute to the complexity of predicting the Federal Reserve s outlook.
Copper futures for February series touches a new high of Rs 643.30 per kg
Hedge funds and money managers increased their net long positions in copper futures and options by 9,939 contracts to 87,671 in the week to February 9, data from the US CFTC showed last week.
Mumbai / February 15, 2021 / 07:59 PM IST
Copper prices for February series jumped to Rs 643.30 per kg on February 15 after touching a new high of Rs 649.65 during the intraday trade on the MCX. The base metal trimmed earlier gains after a gap-up open in the evening trade.
Copper prices surged to a fresh 8-year high as investors took advantage of a pullback to add to their bullish positions, betting demand will keep outpacing supply.
Copper futures firm at Rs 612.85 per kg on demand uptick
In the futures market, copper for January delivery touched an intraday high of Rs 614.85 and a low of Rs 612.15 per kg on the MCX.
Mumbai / January 21, 2021 / 06:35 PM IST
Copper prices rose marginally to Rs 612.85 per kg on January 21 with support from falling stocks in LME and ShFE-approved warehouses along with signs of tightness in the physical market and prospect of further stimulus measures in the US. The base metal pared gains in the evening after a gap-up opening.
The US dollar traded 0.34 percent lower at 90.15 in evening trade. The greenback has shed 0.65 percent this week.
Copper falls over 1% to Rs 608.50 per kg on strong dollar
In the futures market, copper for January delivery touched an intraday high of Rs 615 and a low of Rs 606.70 per kg on the MCX.
Mumbai / January 15, 2021 / 07:37 PM IST
Copper prices slid to Rs 608.50 per kg on January 15 as participants increased short position as seen by the open interest. The base metal extended decline after a gap down open on the firm dollar.
Base metals consolidated at highs after stimulus announcement and fall in LME and ShFE warehouse stocks. However, the upside was capped amid demand concerns from the biggest metals’ consumer, China, where the coronavirus outbreak has prompted the government to re-impose lockdowns.