FREE MCX TIPS | Copper prices closed lower in the Asian market on Tuesday on expectations of fresh supply increases and as some traders trimmed holdings ahead of the Fed Reserve’s policy decision. The FOMC will meet Tuesday and Wednesday to decide whether to raise united state interest rates for the 1st time since June 2006. A rate increase would boost the dollar, making $-denominated copper more precious for holders of other currencies. Cost also fell due to the surge in the copper stockpiles at the London Metal Exchange (LME) on account of the weak requirement for the commodity. LME copper stocks raised by 450 metric tonnes to 232650 metric tonnes as on Dec 15, 2014. Copper prices may decline as investors now look ahead to upcoming United state data which may determine the health of the world’s largest economy. At the MCX, Copper futures for February 2016 agreement closed at Rs 308.90 per 1 kg, down by 2.75 per cent after opening at Rs 316.40 against the previous ending cost of Rs 317.65. It touched the intra-day low of Rs 307.45 till the closing.
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