MCX UPDATE COPPER HIGH

Copper futures were trading higher during the evening trade in the domestic market on Wednesday as participants widened their bets in the industrial metal on pickup in demand as lower-than-expected US economic data pushed the US dollar lower. The US services index fell to 51.4 in August, the lowest since February 2010, from 55.5 in July, pointing to fading economic growth that dragged on the greenback and further diminished prospects for a ner term US interest rate hike.




At the MCX, copper futures for November 2016 contract is trading at Rs 313.70 per kg, up by 0.85 per cent, after opening at Rs 313, against a previous close of Rs 311.05. It touched the intra-day high of Rs 314.45 (at 16:24 hours).

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