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Copper falls 0.12% on strong dollar

By Religare
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Copper prices rose by 0.12 per cent on Thursday as a broadly stronger U.S. dollar reduced demand for the red metal. A stronger dollar reduces demand for raw materials as an alternative investment and makes dollar-priced commodities more expensive for holders of other currencies. The greenback has been boosted recently by expectations that the improving U.S. economy will prompt the Federal Reserve to raise short term interest rates as early as September. The Asian nation is the world's largest copper consumer, accounting for almost 40 per cent of world consumption last year. At the MCX, copper futures for August 2015 contract were trading at Rs. 332.10 per 1 kg, up by 0.12 per cent, after opening at Rs. 332.40 against the previous closing price of Rs. 331.70. It touched the intra-day high of Rs. 333.60 till the trading. (At 4.40 PM today).

 

However, gains were curbed 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 775 metric tonnes to 351600 metric tonnes as on August 6, 2015.

Story first published: Thursday, August 6, 2015, 23:00 [IST]
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