AHMEDABAD (Commodity Online): Copper futures prices succeeded in rising for the first time in three days after the disappointing 2 percent drop witnessed last two days, as investors regained confidence to purchase the commodity once again after the extensive decline.
In last trade, Copper future ended in red at 352.50 tracks to falling in all Industrial metals prices. Yesterday released US housing data supports Copper price to gain for while. Ahead of US fed meeting, Dollar stays in pressure which impacted Copper downtrend limited.
On Wednesday morning, Copper three month delivery contract opened quite higher at 352.70 up by 0.70 percent per kilogram at Multi Commodity Exchange (MCX).
Copper futures have found tough in ensuring a steady momentum in the markets in last couple of days. In morning trades, Silver prices eased of more than 1.32 percent or 500 rupees per kilogram. All metals have traded slightly higher owning to upward moment in Silver prices.
Domestic China market will remained close till Friday may put pressure on Copper future to remain downside. Copper future trades in join trend due to technical weakness and industry demand in global market. Copper future is expected to remain range bound ahead of mix fundamental and technical factors in coming days, said Amrita Mashar, analyst with Commodity Online.
