MTECHTIPS:Expect Copper prices to trade lower today:Angel Commodities
MTECHTIPS:-Expect Copper prices to trade lower today: Angel Commodities
MTECHTIPS-Copper prices gained 0.8 percent to $5795/t as President Trump’s inauguration speech signaled a protectionist stance on trade and other issues, thereby leading to weakness in the DX. Also, decline in LME stocks acted as a positive factor. Outlook LME Copper prices are trading higher by 0.5 percent at $5825/t. Copper will likely trade lower today as President Donald Trump officially withdrew his country from the Trans-Pacific Partnership, a 12-nation trade deal that he claimed would have cost the country its jobs and promised to impose a “very major” border tax on companies that move some operations overseas, thereby increasing Asian companies woes. Also, Chinese Lunar New Year holiday, starting January 27, will subdue demand from the biggest consumer. We expect MCX copper prices to trade lower today in line with international trends.