Copper futures closed higher in the domestic market on Monday after the US dollar retreated as traders shifted to the sentiment that Brexit will actually be bad for the US dollar because it could result in the US Federal Reserve delaying future rate hikes.
Copper’s downside last Friday was exacerbated by the fact that investors poured their money into the US dollar, which is considered a safe haven investment. With copper a US dollar denominated commodity, this sent the red metal lower as it reduced demand from holders of international currencies.
At the MCX, Copper futures for June 2016 contract is trading at Rs 317.85 per kg, after opening at Rs 316.60, against a previous close of Rs 317.30. It touched the intra-day low of Rs 316.30.
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