Copper futures in reverse gear on global cues

Copper futures in reverse gear on global cues
23/08/2016 13:43

Copper futures were trading lower during the afternoon trade in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amid soft physical demand for copper in the domestic spot market amid a weak trend overseas.
Further, the fall in prices for copper was in-tune with a weak trend overseas as China’s metal exports ramped up as the US dollar strengthened ahead of the US Fed officials meeting this week. At the MCX, copper futures for August 2016 contract is trading at Rs 317.45 per kg, down by 0.30 per cent, after opening at Rs 318.40, against a previous close of Rs 318.40. It touched the intra-day low of Rs 316.60 (at 13:35 hours).