Copper drops on Fed, Greece jitters
29/01/2015 16:12
Copper prices fell by 0.75 per cent on Thursday at the domestic markets in the midst of indications the Federal Reserve remains on track to raise rates this year and as concerns over Greece's future in the euro zone re-emerged. The Federal Reserve said it would keep rates on hold at least until June and reiterated its pledge to be "patient" on raising interest rates, while acknowledging the solid economic recovery and strong growth in the labor market. At the MCX, copper futures for February 2015 contract were trading at Rs. 335.20 per 1 kg, down by 0.75 per cent, after opening at Rs. 337.35 against the previous closing price of Rs. 337.75. It touched the intra-day low of Rs. 332.80 till the trading. (At 4.20 PM today).
Sentiment weakened further due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 2775 metric tonnes to 247450 metric tonnes as on January 29, 2015.
29/01/2015 16:12
Copper prices fell by 0.75 per cent on Thursday at the domestic markets in the midst of indications the Federal Reserve remains on track to raise rates this year and as concerns over Greece's future in the euro zone re-emerged. The Federal Reserve said it would keep rates on hold at least until June and reiterated its pledge to be "patient" on raising interest rates, while acknowledging the solid economic recovery and strong growth in the labor market. At the MCX, copper futures for February 2015 contract were trading at Rs. 335.20 per 1 kg, down by 0.75 per cent, after opening at Rs. 337.35 against the previous closing price of Rs. 337.75. It touched the intra-day low of Rs. 332.80 till the trading. (At 4.20 PM today).
Sentiment weakened further due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME copper stocks rose by 2775 metric tonnes to 247450 metric tonnes as on January 29, 2015.
