Copper pares gain after hitting fresh lifetime high on MCX

Copper prices were steady at Rs 626.40 per kg after hitting a fresh lifetime high of Rs 631.20 during the day on the MCX. The base metal pared earlier gain after a gap up open to trade in the red in the evening session.

The red metal price yesterday touched the highest level since 2013 for a third straight day, driven by expectations of infrastructure spending by incoming US President Joe Biden after Democrat won control of the Senate.

The US dollar trades firm at 89.89, or up 0.11 percent in the evening session. The dollar had bounced back from the lowest level it touched this week since 2018 on safe-haven buying.