Copper futures on MCX are witnessing mild selling pressure in the early moves as the traders lack conviction amid a mixed global scenario and firm undertone in the Indian rupee. The benchmark MCX February futures contract rose from its one week intraday low of Rs. 451.60 per kg yesterday and closed at Rs. 457.45 per kg but the failure of the counter to break above Rs. 460 seemed to have derailed the overall activity.
The prices managed to witness some strength at the start today, given an impressive turnaround in the commodity during the last session in the global markets but drifted lower from a high of Rs. 459.30 per kg. It looks like the Rs. 460 mark is acting as a stiff cap on the upper side for the contract.
The COMEX Copper futures are trading unchanged at $4.5740 per pound right now, after testing highs of $4.60 as markets fully price in the impact of the latest Chinese rate hike and US dollar quotes mixed. MCX Copper futures are trading at Rs. 457.10, down Rs. 0.35 or 0.08% on the day.
