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05:54
Niva Capital Advisory
Copper slips after reports on excess output; Bernanke testimony awaited
For intra-day, support for the commodity is seen at 414 and 410 levels while resistance is seen at 422.5 level. MCX copper for August delivery was seen trading down by 0.24% at Rs.415.30 per kilogram as of 02.05 PM IST on Wednesday.
Copper prices in the global market edged down on Wednesday after copper producers recorded a higher than expected output. The testimony from US Federal Reserve Chairman Ben Bernanke before a congressional committee is expected to be at 07.30 PM IST today and it would be closely watched by the investors.
For intra-day, support for the commodity is seen at 414 and 410 levels while resistance is seen at 422.5 level. MCX copper for August delivery was seen trading down by 0.24% at Rs.415.30 per kilogram as of 02.05 PM IST on Wednesday.
Copper prices in the global market edged down on Wednesday after copper producers recorded a higher than expected output. The testimony from US Federal Reserve Chairman Ben Bernanke before a congressional committee is expected to be at 07.30 PM IST today and it would be closely watched by the investors.
Copper futures for September delivery on Globex platform of Comex was seen trading down by 1.40% at $3.142 per pound as of 02.13 PM IST on Wednesday.
MCX Copper
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 intra-day, support for the commodity is seen at 414 and 410 levels while resistance is seen at 422.5 level,” said Tarang Parmar, Research Analyst at Commodity Online.
MCX copper for August delivery was seen trading down by 0.24% at Rs.415.30 per kilogram as of 02.05 PM IST on Wednesday. Earlier, MCX base metal prices touched a high of 421 and failed to sustain at that level and recorded a decline.
The testimony from Ben Bernanke would be closely analysed by the investor community as there are expectations that the Fed Chairman would reveal more about the tapering of QE measures, whether or not it would be carried out. Hence, it is a wait-and-watch mode for the community.
US data on Building Permits, Housing Starts are scheduled to be released at 06.00 PM IST today.
Meanwhile, higher copper supply was seen pressuring the commodity prices in the global market to certain extent on Wednesday. Analysts expect that higher supply followed by market surplus may weigh on the base metal prices in the long term.
BHP Billiton Ltd., the world's third largest copper producer reported that its production touched 333,200 tons in April-June (2013) period by beating the projection of 322,000 tons.
Mined copper production by Rio Tinto Group increased 10 percent in the quarter ended June to 146,200 tons when compared to a estimate of 115,000 tons.
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