Copper futures gain on dollar weakness

Copper futures gain on dollar weakness

24/01/2017 15:41

Copper futures rose during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the industrial metal on US dollar weakness amid concerns of US protectionism under the new President Donald Trump.

The dollar weakened on concerns about the impact of US President’s protectionist trade stance as he formally withdrew the US from the Trans-Pacific Partnership on Monday, saying he would seek one-on-one trade deals with countries that would allow Washington to quickly terminate them ‘if somebody misbehaves’.

At the MCX, copper futures for February 2017 contract is trading at Rs 399.05 per kg, up by 0.20 per cent, after opening at Rs 399, against a previous close of Rs 398.25. It touched the intra-day high of Rs 399.75 (at 15:34 hours).

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