Mumbai, 06 May (CommoditiesControl): MCX copper opened with a gap-up today, signaling bullish momentum in the market. Currently trading at 861.30, the futures contract has surged by 0.70%. With the contract surpassing its 850 hurdle, traders eye an initial target of 864.85, followed by the previous high of 875.
In contrast, Shanghai copper prices declined on Monday, reflecting losses in London Exchange last week amidst a stronger dollar and a lack of clear demand improvement from the troubled Chinese property market. The most-traded June copper contract on the Shanghai Futures Exchange (SHFE) fell by 0.7% to 81,180 yuan per metric ton at the midday break, Meanwhile, the dollar index rebounded after hitting a three-week low, contributing to the price movement.
London Metal Exchange is closed for a public holiday today.
Despite potential smelter output cuts due to limited mine supply, data has not reflected any significant reductions, particularly among smelters with long-term raw material supply contracts. According to Huatai Futures, the smelting profit of long-term orders remains above 1,700 yuan per ton, suggesting limited willingness among companies with such contracts to actively reduce production.
Nevertheless, steady demand from sectors like power, electric vehicles, and home appliances has supported overall copper demand from end-users.
(By Commoditiescontrol Bureau; +91-9820130172)
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