Copper Logs Modest Gains

Copper on MCX settled down -0.47% at 336.40 little changed but found some support as the dollar eased from four-month highs and ahead of a breakdown of China trade data is expected to offer more insight into its commodity demand. While Copper on the London Metal Exchange traded flat at $4,965 a tonne. The dollar rose versus a currency basket, bolstered by strong U.S. housing data and growing expectations that the Federal Reserve may raise rates before the end of the year. 

 

A stronger dollar dampens the buying power of commodity investors paying with other currencies. Also China's copper output was steady on the year in June, though it rose 7.6 percent to 4.03 million tonnes in the first half of 2016.

 

At the MCX, Copper futures for August 2016 contract is trading at Rs 336.90 per kg, up by 0.15 per cent, after opening at Rs 337.40, against a previous close of Rs 336.40. It touched the intra-day high of Rs 339.25 

 

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