MCX Copper may trade negative; Comex Copper down on weak global cues

MUMBAI : The trend in copper futures for August delivery on India's Multi Commodity Exchange (MCX) is negative and the base metal is expected to continue with the trend for the day. Intra-day traders are advised to sell at higher levels.

Copper prices on Globex platform of Comex was seen trading negative on weak international cues. Positive data releases from the United States and Europe have failed to lift the commodity prices on Thursday.

Copper futures for September delivery on Globex platform of Comex was seen trading down by 0.02% at $3.179 per pound as of 01.57 PM IST on Thursday.

?For intra-day, support for MCX copper is seen at 414 and 412 levels while resistance is seen at 420 and 423.5 levels,? said Tarang Parmar, Research Analyst at Commodity Online.

MCX copper for August delivery was seen trading down by 0.75% at Rs.416.50 per kilogram as of 01.35 PM IST on Thursday.

On Wednesday, MCX copper prices failed sustain at higher levels due to profit booking and settled down.

Copper prices in the global market recorded a negative trend on Thursday. The decline in the commodity prices was supported by weak Chinese Manufacturing data and concerns over excess supply.