On the Multi Commodity Exchange (MCX), Copper Rates on Tuesday Traded up by 0.34% to Quote at Rs.770.60 per kg.

Nagercoil, India. The MCX Copper rate in India closes at Rs.770.6 per kg on Tuesday, June 1st. Shanghai Copper Price registered a second consecutive month of gains on Monday as prices firmed on a potential supply threat in Chile and massive US infrastructure spending plans.

The Base Metal traded up at Rs.770.6/KG with a business turnover of 4,412 lots. The Year to Date price of Copper touched a high of 798.10 and a low of 588.2 INR. The Year to Date average price of Copper is 688.03. In the futures market, the cost of Copper touched a month high of 770.6 and a low of 770.6 INR. The monthly average price of Copper for June is 770.6. The Non-Ferrous Copper Metal Price for June settled at Rs. 770.6 per kg in MCX.

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited said, “We may expect a dip in prices where Rs 767-765 levels may be tested on the downside in the evening session.” LME supplies for copper are in marginal deficit for the day which may strengthen the uptrend.

A strike by a union of remote operations workers hit BHP’s Escondida and Spence copper mines in Chile last week, with the company using replacement workers to ensure continued production. Chile’s manufacturing output ticked up 5.9% year-on-year in April, government statistics agency INE said on Monday, while copper output dipped 1.5%, to 467,594 tonnes.

The Non-Ferrous Metal has been trading higher that implies simple moving averages and exponential moving average on the daily chart. The momentum indicator Relative Strength Index (RSI) is at 57.18, which indicates a mildly bullish movement in prices.

The Reddish-Brown Metal Price rose 0.34 percent to quote at Rs.770.6 per Kg in MCX.

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The COMEX (US Metal Exchange) - Copper Price for June settled at $4.65 ($10,275 per tonne) on the COMEX market in New York. HSBC commodity analysts highlighted in a note that demand for copper is being supported by investment in electrification as emission reduction strategies are further bolstered by policymakers. Copper remains Livermore’s favorite commodity at present, David Neuhauser, founder and managing director of U.S. hedge fund Livermore Partners, said.

The Copper Metal traded at 4.65 USD/lbs. In COMEX Metal Exchange, the price of copper touched a month high of 4.653 and a low of 4.653. The monthly average price of copper is 4.653. The Year to Date price of Copper touched a high of 4.8000 and a low of 3.514. The Year to Date average price of Copper is 4.1028. The Red Metal price closes at 4.65 USD/lbs, which is 0.64% lower than the previous closing price of 4.68 USD/lbs.

Yash Sawant, Research Associate, Angel Broking Ltd said, “Industrial profits were weighed down despite rising Chinese exports in the similar time frame. Revival in global economies amid stalled industrial activities in the virus struck nations boosted the demand for Chinese products in the overseas markets. As per China's General Administration of Customs, Chinese exports in April’21 stood at $263.92 billion, 32.3 percent higher from the earlier month.” However, the weakening of China’s industrial segment alleviated worries over further policy tightening by the People’s Bank of China (PBOC) which supported market sentiments, he added.

The Non-Ferrous Copper Metal traded at 4.65 USD/lb in COMEX (US Metal Exchange).