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Copper rises 1.10% after dovish FOMC minutes

By Religare
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Copper prices rose by 1.10 per cent on Thursday as dovish minutes from the Federal Reserve's July meeting dented expectations for a rate hike in September. Gains were limited as investors continued to monitor movements on China's volatile stock market. Minutes of the Federal Reserve's July meeting published showed that policymakers express broad concerns about lagging inflation and the weak global economy, leading some investors to question the likelihood of a rate hike in September. At the MCX, copper futures for August 2015 contract were trading at Rs. 331.95 per 1 kg, up by 1.10 per cent, after opening at Rs. 328.20 against the previous closing price of Rs. 328.35. It touched the intra-day high of Rs. 332.90 till the trading. (At 4.45 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 576 metric tonnes to 353625 metric tonnes as on August 20, 2015.

Story first published: Thursday, August 20, 2015, 23:00 [IST]
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