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Copper futures retreated during noon trade in the domestic market on Monday tracking a bearish global trend as robust US jobs data for March raised concerns that the US Federal Reserve may hike interest rates in the near-term while worries over the demand outlook from China, the world’s biggest metals consuming nation, remained.
The US economy added 215,000 jobs in March, compared to a revised 245,000 in February, and topping analysts’ estimates of 205,000 while wages picked up, a sign that the labour market recovery in the world’s biggest economy remains on a strong footing in the face of a global slowdown.
At the MCX, Copper futures for April 2016 contract were trading at Rs. 316.80 per 1 kg, down by 0.55 per cent, after opening at Rs 318.45, against the previous closing price of Rs 318.55. It touched the intra-day low of Rs. 316.45.
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