Copper back in bear terrain

by - 6:34 pm

Copper futures fell during evening trade in the domestic market on Friday as investors and speculators exited their positions in the industrial metal after US dollar strengthened against a basket of other leading currencies. 

 The dollar rose as speculation of a December US Fed interest rate hike continued to rise, thus eroding demand for base metals and other commodities. At the MCX, copper futures for November 2016 contract is trading at Rs 399.35 per kg, down by 0.77 per cent, after opening at Rs 401.60, against a previous close of Rs 402.45. It touched the intra-day low of Rs 398.25.

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Technically market is under short covering as market has witnessed drop in open interest by -3.73% to settled at 16326 while prices up 6.6 rupee, now Copper is getting support at 396.9 and below same could see a test of 391.2 level, And resistance is now likely to be seen at 408.4, a move above could see prices testing 414.2.

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