Amidst deteriorating economic outlook lurks in the market, investor's awaited for the outcome of Fed meeting to be held later today which may signal more monetary easing for economic growth recovery. Weedy dollar conspired with the focus on the US GDP data to be released today led the metals to trade sideways during the evening session.
The dollar index slumped by 0.32% at 74 against the basket of 6 major currencies before tentative economic data and Fed talks at Jackson Hole, Wyoming today.
In the domestic market at MCX, Copper for delivery in August tested a high of Rs 419.15 per kg and low of Rs 412 per kg in intraday and is now trading at Rs 418.15 per kg, up by 0.55% or Rs 2.3. The open interest added slightly by 1.31% to 12,908 lots and volume traded as of now stood at 51,852 lots against 90,639 lots traded last day. The contract was between 50-day and 100-day EMA and the RSI stood at 58.09
Nickel was finding much vitality in the market compared to other metals and surged by 1.21% or Rs 11.7 at Rs 979.7 per kg and was trading between 9-day and 18-day EMA with RSI at 46.57.
MCX Aluminium was trading flat at Rs 108.05 per kg. MCX Zinc was trading flat at Rs 102.15 per kg and Lead was strengthening by 1.35% or Rs 1.5 at Rs 112.9 per kg.
Copper futures November contract in Shanghai settled at 67190 yuan per tonne, up 390 yuan or 0.58% higher. Comex Copper futures most active September contract was trading at $4.108 a pound, up by 0.71% or just 3 cents compared to the previous day that ended at $4.079 a pound
The dollar index slumped by 0.32% at 74 against the basket of 6 major currencies before tentative economic data and Fed talks at Jackson Hole, Wyoming today.
In the domestic market at MCX, Copper for delivery in August tested a high of Rs 419.15 per kg and low of Rs 412 per kg in intraday and is now trading at Rs 418.15 per kg, up by 0.55% or Rs 2.3. The open interest added slightly by 1.31% to 12,908 lots and volume traded as of now stood at 51,852 lots against 90,639 lots traded last day. The contract was between 50-day and 100-day EMA and the RSI stood at 58.09
Nickel was finding much vitality in the market compared to other metals and surged by 1.21% or Rs 11.7 at Rs 979.7 per kg and was trading between 9-day and 18-day EMA with RSI at 46.57.
MCX Aluminium was trading flat at Rs 108.05 per kg. MCX Zinc was trading flat at Rs 102.15 per kg and Lead was strengthening by 1.35% or Rs 1.5 at Rs 112.9 per kg.
Copper futures November contract in Shanghai settled at 67190 yuan per tonne, up 390 yuan or 0.58% higher. Comex Copper futures most active September contract was trading at $4.108 a pound, up by 0.71% or just 3 cents compared to the previous day that ended at $4.079 a pound
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