Copper futures closed higher in the domestic market on Wednesday buoyed by positive global cues, high domestic demand and a weak dollar.
The greenback softened, with the WSJ Dollar Index down about 0.2%, making the dollar-priced metal cheaper to buy for those holding other currencies. The dollar was lower as investors bet that the Fed, which wraps up a two-day policy committee meeting on Wednesday, would keep interest rates steady.
At the MCX, Copper futures for June 2016 contract closed at Rs 311.05 per 1 kg, up by 2.03 per cent, after opening at Rs. 305, against the previous closing price of Rs. 304.85. It touched the intra-day high of Rs. 314.50.
The greenback softened, with the WSJ Dollar Index down about 0.2%, making the dollar-priced metal cheaper to buy for those holding other currencies. The dollar was lower as investors bet that the Fed, which wraps up a two-day policy committee meeting on Wednesday, would keep interest rates steady.
At the MCX, Copper futures for June 2016 contract closed at Rs 311.05 per 1 kg, up by 2.03 per cent, after opening at Rs. 305, against the previous closing price of Rs. 304.85. It touched the intra-day high of Rs. 314.50.
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