D A I L Y B U Z Z
COPPER
Copper futures fell in the domestic market on Thursday as investors and speculators exited positions in the industrial metal tracking a weaker trend in the overseas market as the Fed’s decision to end QE boosted the dollar, curbing the demand for the base metal as an alternative asset. Stronger greenback makes copper expensive for those holding other currencies, thus dimming demand. Investors will be keeping an eye on planned mine strikes in Indonesia and Peru which may signal tighter copper supplies. At the MCX, copper futures for November 2014 contract is trading at Rs. 417.85 per 1 kg, down by 0.89 per cent, after opening at Rs. 420.70, against the previous closing price of Rs. 421.60. It touched an intra-day low of Rs. 417.75. (At 11:38 AM).
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