Copper futures in reverse gear on dollar, Escondida talks

Copper futures in reverse gear on dollar, Escondida talks

09/03/2017 15:50

Copper futures fell over 1 per cent during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal on strong US dollar after solid US jobs data increased the likelihood of an interest rate hike next week, and on expectations that a disruption at the world’s biggest copper mine may soon ease.

US private sector job growth recorded its biggest increase in more than a year in February amid a rise in construction and factory hiring, suggesting the economy remains on solid growth path.

Moreover, BHP Billiton said that it may try to restart production at Escondida in Chile using temporary workers once the strike surpasses 30 days.

At the MCX, copper futures for April 2017 contract is trading at Rs 381.15 per kg, down by 1.09 per cent, after opening at Rs 385, against a previous close of Rs 385.35. It touched the intra-day low of Rs 380.30 (at 15:33 hours).

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