Copper futures surge 0.92% on rise in demand

Copper futures surge 0.92% on rise in demand

06/02/2017 15:42

Copper futures rose during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the industrial metal on increase in demand due to weakness in the US dollar after mixed US jobs data released on Friday dampened expectations of near-term US Fed’s interest rate hike.

The US job growth grew better-than-expected in January as construction firms and retailers ramped up hiring, but wages barely rose, handing the administration under President Trump both a head start and a challenge as it seeks to boost the economy.

At the MCX, copper futures for February 2017 contract is trading at Rs 391.30 per kg, up by 0.92 per cent, after opening at Rs 390.30, against a previous close of Rs 387.75. It touched the intra-day high of Rs 392.20 (at 15:38 hours).

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