MTECHTIPS:- Copper prices are expected to trade sideways: Angel
MTECHTIPS:- Copper prices are expected to trade sideways: Angel Commodities
MTECHTIPS- Copper prices rose by 0.3 percent yesterday to close at $5769 per tonne as Chinese economic growth is likely to be stable in the fourth quarter. Also, Pan Pacific Copper (PPC), Japan’s biggest copper smelter, has mostly agreed with producers on treatment and refining charges (TC/RCs) for 2017 that are 5 percent lower than last year, amid tighter supplies. ME Copper prices are trading higher by 0.3 percent at $5787/t. Copper will likely trade sideways today as investors will be cautious ahead of Trump’s inauguration and crucial Chinese GDP and industrial production due tomorrow. Also, Janet Yellen’s speech earlier tomorrow will be keenly watched. We expect MCX copper prices to trade sideways today in line with international trends.