Tuesday, 12 September 2017

Copper prices are expected to trade sideways today: Angel Commodities



LME Copper prices traded higher by 0.8 percent on Monday to close at $6748/t as favourable Chinese inflation data at the weekend reassured investors regarding growth of the mainland economy.

Chinese CPI jumped to six month high of 1.8 percent in August, while PPI jumped to four-month high levels.

Besides, LME Copper stocks again declined by 2.2 percent on Friday, thereby supporting the metal.

MCX Copper closed higher by 0.9 percent to close at Rs.435.2 per kg.
Outlook

LME Copper prices are currently trading lower by 0.6 percent at $6707/t. Copper prices are likely to trade sideways today as the UN approved an eased version of sanctions to be imposed on North Korea excluding an oil embargo and a freeze of Kim Jong Un's assets.
On the MCX, copper prices are expected to trade sideways today.

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