Copper futures in reverse gear

Copper futures in reverse gear

15/12/2016 16:02

Copper futures were trading lower during evening trade in the domestic market on Thursday as investors and speculators trimmed their positions in the industrial metal as the US dollar strengthened after Federal Reserve’s interest rate hike decision.

The US Federal Reserve, as expected, increased interest rates for the first time this year by 0.25 percentage points and indicated more may come next year, which boosted the US dollar, making commodities more expensive for those countries using other currencies at home.

At the MCX, copper futures for February 2017 contract is trading at Rs 388.30 per kg, down by 0.33 per cent, after opening at Rs 391.50, against a previous close of Rs 389.60. It touched the intra-day low of Rs 388.30 (at 15:51 hours).

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