Copper futures slide on global cues
02/03/2017 15:49
Copper futures fell during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal on firm US dollar led by a hawkish comment from the US Fed officials that stoked expectations of an interest rate hike in March.
The higher US interest rates would diminish the demand for non-interest bearing assets while a higher dollar makes the commodities more expensive for buyers using other currencies.
Meanwhile, more Fed policy-setters, including Chairwoman Janet Yellen and Vice Chairman Stanley Fischer, will speak on Friday, likely providing further clues on the Fed's policy path ahead of the March 14-15 meeting.
At the MCX, copper futures for April 2017 contract is trading at Rs 403 per kg, down by 0.24 per cent, after opening at Rs 403.70, against a previous close of Rs 403.95. It touched the intra-day low of Rs 402.40 (at 15:42 hours).
02/03/2017 15:49
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Copper futures fell during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the industrial metal on firm US dollar led by a hawkish comment from the US Fed officials that stoked expectations of an interest rate hike in March.
The higher US interest rates would diminish the demand for non-interest bearing assets while a higher dollar makes the commodities more expensive for buyers using other currencies.
Meanwhile, more Fed policy-setters, including Chairwoman Janet Yellen and Vice Chairman Stanley Fischer, will speak on Friday, likely providing further clues on the Fed's policy path ahead of the March 14-15 meeting.
At the MCX, copper futures for April 2017 contract is trading at Rs 403 per kg, down by 0.24 per cent, after opening at Rs 403.70, against a previous close of Rs 403.95. It touched the intra-day low of Rs 402.40 (at 15:42 hours).
