Copper futures in reverse gear

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Copper futures fell over 1 % during afternoon trade in the domestic market on Monday as investors and speculators exited their positions in the industrial metal as investors weighed the near-certain prospect of an interest rate hike in the US in March, against news of slower growth in China this year.

 

The higher US interest rates would diminish the demand for non-interest bearing assets while a higher dollar makes the commodities more expensive for buyers using other currencies. Also, risk appetite dampened on rising geo-political tensions in East Asia, as North Korea fired 4 ballistic missiles early in the day, while a spat between China and South Korea over missile defence deepened. 

 

At the MCX, copper futures for April 2017 contract is trading at Rs 394.10 per kg, down by 1.10 per cent, after opening at Rs 397.25, against a previous close of Rs 398.50. It touched the intra-day low of Rs 392.80.