Copper futures plunge 2.41% on firm dollar

Copper futures plunge 2.41% on firm dollar

03/05/2017 16:23

Copper futures fell over 2 per cent during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the industrial metal on stronger greenback on expectations that the US Fed will signal a June rate hike in the outcome of its two-day policy meeting later in the day.

US Federal Reserve likely to stand pat on key interest rates this time, but expected to drop hints on the possibility of a rate hike in near term.

At the MCX, copper futures for June 2017 contract is trading at Rs 367.05 per kg, down by 2.41 per cent, after opening at Rs 374.65, against a previous close of Rs 376.10. It touched the intra-day low of Rs 366.75 (at 16:16 hours).

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