MCX Copper may trade volatile; weak Indian Rupee resists decline in prices
MUMBAI-INDIA (July 30) The trend in copper futures for August delivery on India's Multi Commodity Exchange (MCX) is volatile and traders are advised to remain cautious while taking positions for the day, according to our analyst at Commodity Online.
Depreciation of Indian Rupee against US Dollar was seen capping the decline in the base metal price to certain extent in the domestic market on Tuesday. As of now Indian Rupee depreciated by 0.86% against US Dollar.
“For intra-day, resistance for the base metal is seen at 412.5 and 416 levels while support is seen at 409 and 406 levels,” said Tarang Parmar, Research Analyst at Commodity Online.
MCX copper for August delivery was seen trading up by o.17% at Rs.411.55 per kilogram as of 03.02 PM IST on Tuesday.
In the global market, the base metal prices were seen trading down on concerns over the health of the global economy.
Copper futures for September delivery on Globex platform of Comex was seen trading down by 0.67% at $3.087 per pound as of 03.16 PM IST on Tuesday.
The Reserve Bank of India,in its Q1 monetary policy review has decided to stick to the status quo and left Cash Reserve Ratio and Repo rates unchanged at 4% and 7.25% respectively.