Copper futures closed lower in the domestic market on Friday as headwinds from a mid-term U.S. rate hike that have boosted the dollar added to pressure from tepid physical demand in top user China. The dollar was bolstered by an unexpected drop in domestic jobless claims last week calming some worries about U.S. economic growth decelerating in the second quarter. A higher U.S. currency makes dollar-denominated commodities more expensive for non-U.S. firms, meaning they will buy less.
At the MCX , Copper futures for June 2016 contract closed at Rs 301.45 per 1 kg, down by 0.08 per cent, after opening at Rs. 302, against the previous closing price of Rs. 301.70. It touched the intra-day low of Rs. 299.15.
Read More - Copper Updates
0 comments:
Post a Comment