Indian copper futures fell more than a percent in late trade as a strong dollar and falling imports from China forced the red metal to drift lower. At 6.26 p.m., the benchmark June copper MCCM8 on the Multi Commodity Exchange of India (MCX) was down 1.04 percent at 358.55 rupees per kg.
The dollar gained on Monday as some investors bet on a message from the Federal Reserve later in the week.A strengthening dollar makes dollar-denominated commodities expensive for holders of other currencies and caps demand.Sentiment was also dampened by the weak Chinese import figures. China's refined copper imports fell 26.4 percent on month and 19 percent on year in May on the back of strong international prices. Copper inventories in exchanges monitored by the London Metal Exchange fell 875 tonnes to 123,125 tonnes, but failed to turnaround sentiment.
The dollar gained on Monday as some investors bet on a message from the Federal Reserve later in the week.A strengthening dollar makes dollar-denominated commodities expensive for holders of other currencies and caps demand.Sentiment was also dampened by the weak Chinese import figures. China's refined copper imports fell 26.4 percent on month and 19 percent on year in May on the back of strong international prices. Copper inventories in exchanges monitored by the London Metal Exchange fell 875 tonnes to 123,125 tonnes, but failed to turnaround sentiment.
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