MTECHTIPS;-MCX Copper may witness selling pressure near 490; COMEX Copper bullish

MTECHTIPS;-MCX Copper may witness selling pressure near 490; COMEX Copper bullish

Copper prices in the global market edged up on Monday amid positive economic/manufacturing data releases from China and Europe. Comex copper was seen trading up since morning.As of now, comex copper is seen trading bullish and is likely to continue with the trend for the day supported by positive data releases from Europe and China data.Copper futures for December delivery on Globex platform of Comex was seen trading up by 1.89% at $3.2940 per pound as of 01.50 IST on Monday.India Copper Futures: The trend in copper futures for November delivery on India’s Multi Commodity Exchange (MCX) looks sideways for the day and traders are advised to book profit in a narrow range. Copper prices are likely to witness selling pressure near 490 during intra-day trade.“For intra-day, support for the commodity is seen at 485 and 483 levels while resistance is seen at 492,” said Amrita Mashar, Research Analyst at Commodity Online.MCX copper futures for November delivery was seen trading up by 0.13% at Rs. 487.60 per kilogram as of 15.07 IST on Monday.London Metal Exchange (LME) copper for delivery in three months was seen trading up by 1.74% at $7234 per metric ton as of 14.40 IST on Monday.Copper prices in the global market recorded an up-tick on Monday after positive data releases from China and Europe.The United Kingdom (UK) seasonally adjusted Markit/CIPS Purchasing Manager’s Index (PMI) hit a two-and-a-half year high of 57.2 in August, up from a revised reading of 54.8 in July (previously reported as 54.6). The PMI has signalled expansion for five successive months, as per the data released by Markit on Monday.

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