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Copper tad higher on diminished Sep Fed rate hike odds

By Religare
|

Copper futures scored mild gains during late morning trade in the domestic market on Thursday as investors and speculators weighed the reduced prospects of US monetary tightening in September after the Federal Reserve sought signs of a pickup in inflation to targeted levels.

Consumer prices in the US rose 0.1 per cent in July, the slowest pace of gain in three months, and following the 0.3 per cent climb in June, warranting a delay in rate tightening, auguring well for metals such as Copper which benefits from increased liquidity.

 

However, worries that a China stock and currency market rout may deepen a slowdown in the world's biggest metals consumer checked the gains in the base metal which will suffer from a patchy economic outlook in China. China's benchmark index, the Shanghai Composite was down by over 2.5 per cent today on worries over capital outflows.

At the MCX, Copper futures for August 2015 contract is trading at Rs 328.70 per 1 kg, up by 0.11 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 330.15 (At 12:04 PM).

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