Tuesday, 31 January 2017

Copper Futures Gain on Weaker Greenback

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Copper futures rose during afternoon trade in the domestic market on Tuesday as investors and speculators extended their positions in the industrial metal despite thin trade due to China’s week-long Lunar New Year holiday, due to weakness in the US dollar. The China’s Shanghai Futures Exchange is closed for the Lunar New Year holiday through to February 2 and will reopen on February 3. 

The dollar slipped after US President Donald Trump's hardening defence over his immigration policies. Trump's move to ban entry of refugees and people from 7 Muslim majority countries mounted criticism and protests in major American cities. 

At the MCX, copper futures for February 2017 contract is trading at Rs 400.60 per kg, up by 0.65 per cent, after opening at Rs 400, against a previous close of Rs 398. It touched the intra-day high of Rs 400.90.

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