Stronger greenback weighs on base metal
12/11/2014 11:36
Copper futures fell in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal tracking a weak trend in the overseas market as a stronger dollar curbed the demand for the base metal as an alternative asset. Stronger greenback makes copper more expensive for those holding other currencies, thus dimming demand. Further, an uncertain Euro area economic outlook and a deepening slowdown in China may reduce demand for the industrial metal. Copper futures for November 2014 contract, at MCX, is trading at Rs. 412.30 per kg, down by 0.11 per cent, after opening at Rs. 412.85, against the previous closing price of Rs 412.75. It touched an intra-day low of Rs 411.60. (At 11:16 AM).
12/11/2014 11:36
Copper futures fell in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal tracking a weak trend in the overseas market as a stronger dollar curbed the demand for the base metal as an alternative asset. Stronger greenback makes copper more expensive for those holding other currencies, thus dimming demand. Further, an uncertain Euro area economic outlook and a deepening slowdown in China may reduce demand for the industrial metal. Copper futures for November 2014 contract, at MCX, is trading at Rs. 412.30 per kg, down by 0.11 per cent, after opening at Rs. 412.85, against the previous closing price of Rs 412.75. It touched an intra-day low of Rs 411.60. (At 11:16 AM).
