Copper futures in reverse gear

Copper futures in reverse gear

25/05/2017 14:23

Copper futures were trading lower during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal on slackned demand as Asian equities soared after minutes of the Federal Reserve’s last policy meeting suggested the US central bank was cautious about raising interest rates.

Besides, after credit ratings agency Moody’s Investors Service downgraded China’s credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise, too influenced copper prices.

At the MCX, copper futures for June 2017 contract is trading at Rs 368.60 per kg, down by 0.78 per cent, after opening at Rs 369.95, against a previous close of Rs 371.50. It touched the intra-day low of Rs 368.40 (at 14:19 hours).


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