Copper gains on weakening dollar
26/03/2015 16:25
Copper prices rose by 2.25 per cent on Thursday at the domestic markets as traders continued to monitor the direction of the US dollar to gauge the appeal of the industrial metal. A weaker dollar boosts demand for raw materials as an alternative investment and makes dollar-priced commodities cheaper for holders of other currencies.
At the MCX, copper futures for April 2015 contract were trading at Rs. 395.85 per 1 kg, up by 2.25 per cent, after opening at Rs. 389.80 against the previous closing price of Rs. 387.15. It touched the intra-day high of Rs. 398.80 till the trading. (At 4.09 PM today).
Sentiment improved further due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 3025 metric tonnes to 339600 metric tonnes as on March 26, 2015.
26/03/2015 16:25
Copper prices rose by 2.25 per cent on Thursday at the domestic markets as traders continued to monitor the direction of the US dollar to gauge the appeal of the industrial metal. A weaker dollar boosts demand for raw materials as an alternative investment and makes dollar-priced commodities cheaper for holders of other currencies.
At the MCX, copper futures for April 2015 contract were trading at Rs. 395.85 per 1 kg, up by 2.25 per cent, after opening at Rs. 389.80 against the previous closing price of Rs. 387.15. It touched the intra-day high of Rs. 398.80 till the trading. (At 4.09 PM today).
Sentiment improved further due to the decline in the copper stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME copper stocks fell by 3025 metric tonnes to 339600 metric tonnes as on March 26, 2015.
