Copper futures dip on rising dollar
22/02/2017 12:10
Copper futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the industrial metal on strength in the US dollar. However, ongoing supply worries from industrial action in Chile and an Indonesian export permit dispute supported copper prices. A stronger greenback erodes buying power for those paying for dollar-denominated commodities with other currencies.
At the MCX, copper futures for February 2017 contract is trading at Rs 402.10 per kg, down by 0.78 per cent, after opening at Rs 403.20, against a previous close of Rs 405.25. It touched the intra-day low of Rs 401.50 (at 12:20 hours).
22/02/2017 12:10
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Copper futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the industrial metal on strength in the US dollar. However, ongoing supply worries from industrial action in Chile and an Indonesian export permit dispute supported copper prices. A stronger greenback erodes buying power for those paying for dollar-denominated commodities with other currencies.
At the MCX, copper futures for February 2017 contract is trading at Rs 402.10 per kg, down by 0.78 per cent, after opening at Rs 403.20, against a previous close of Rs 405.25. It touched the intra-day low of Rs 401.50 (at 12:20 hours).
