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17-Aug2016

Copper futures edge lower on MCX

Copper futures edged lower on MCX as speculators exited positions in the industrial metal amid soft physical demand for copper in the domestic spot market. Further, renewed fears over a US interest rate hike in September dimmed the appetite for risky assets with worries that the world's biggest economy may not be strong enough to handle near-term monetary tightening. A top Fed official on Tuesday raised the likelihood of a hike in borrowing costs as early as September.

The contract for August delivery was trading at Rs 318.85, down by 0.73% or Rs 2.35 from its previous closing of Rs 321.20. The open interest of the contract stood at 27156.00 lots.

The contract for November delivery was trading at Rs 325.25, down by 0.69% or Rs 2.25 from its previous closing of Rs. 327.50. The open interest of the contract stood at 1518.00 lots on MCX.


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