Copper gains ahead of US data
07/05/2015 16:20
Copper prices rose on Thursday as traders monitored the direction of the dollar while awaiting key US employment data for further clues on the timing of a Federal Reserve rate hike. At the MCX, copper futures for June 2015 contract were trading at Rs. 419.50 per 1 kg, up by 1.10 per cent, after opening at Rs. 414.10 against the previous closing price of Rs. 414.95. It touched the intra-day high of Rs. 419.90 till the trading. (At 4.25 PM today).
The greenback remained under pressure after payroll processing firm ADP said on Wednesday that US non-farm private employment rose by 169,000 last month, below expectations for an increase of 200,000.
However, losses were curbed 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 1275 metric tonnes to 338025 metric tonnes as on May 7, 2015.
07/05/2015 16:20
Copper prices rose on Thursday as traders monitored the direction of the dollar while awaiting key US employment data for further clues on the timing of a Federal Reserve rate hike. At the MCX, copper futures for June 2015 contract were trading at Rs. 419.50 per 1 kg, up by 1.10 per cent, after opening at Rs. 414.10 against the previous closing price of Rs. 414.95. It touched the intra-day high of Rs. 419.90 till the trading. (At 4.25 PM today).
The greenback remained under pressure after payroll processing firm ADP said on Wednesday that US non-farm private employment rose by 169,000 last month, below expectations for an increase of 200,000.
However, losses were curbed 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 1275 metric tonnes to 338025 metric tonnes as on May 7, 2015.
