MCX copper price today fell 0.47% to 852.6, owing to profit taking as investors waited for further cues following Beijing’s recent stimulus measures.

China unveiled measures in September to boost economic expansion, such as lowering interest rates, increasing liquidity, and loosening regulations on home purchases. The market’s caution in the face of these measures contributed to the price decline.

Furthermore, after 12 weeks of stockpile reduction as prices fell from record highs earlier this year. Copper inventories in Shanghai Futures Exchange (SHFE) warehouses increased to 141,625 tonnes by September 30, marking the first raise since early July.

The International Copper Study Group (ICSG) reports that the world’s refined copper market showed a 91,000 metric tonne excess in July, after a 113,000 metric tonne surplus in June. The market surplus for the first seven months of 2024 was 527,000 metric tonnes, as opposed to 79,000 metric tonnes for the same period in 2023.

This excess suggests that the market has ample supply, putting more pressure on prices. Due to decreased demand, China’s imports of unwrought copper dropped to 415,000 metric tonnes in August. A 16-month low that was 12.3% lower than the previous year.

Technically, there was long liquidation in the market, as prices fell by 4 and open interest dropped by -0.78% to 8,376 contracts. 845.4 is the current level of support for mcx copper price today, and a move below it could test 838.1.

Resistance is seen at 863.7 on the upside, and a break above it could send prices testing 874.7. The technical picture points to a cautious attitude, with prices being affect by a well-supplied market and weak demand from China.

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