12 Sep 2013

MCX Copper futures muted as Fed decision eyed

Copper futures were trading on a flat note in the domestic market on Today as investors refrained from booking fresh positions in the industrial metal ahead of the monetary policy decision by the US Federal Reserve next week. Investors are jittery that a scale back of record stimulus may exert further upward pressure on US interest rates and hurt the country’s economic recovery, dimming the demand prospects for the industrial metal. 
At the same time, easing geopolitical concerns amid fading crises in Syria and hopes of a pickup in demand from China supported the industrial metal. At the MCX, copper futures for November 2013 contract were trading at Rs. 464.90 per 1 kg, up by 0.01per cent, after opening at Rs. 463.55 against the previous closing price of Rs. 464.85.

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