MTECHTIPS:-Expect Copper prices to trade sideways today: Angel
MTECHTIPS:-Expect Copper prices to trade sideways today: Angel Commodities
MTECHTIPS- LME Copper prices jumped to week highs yesterday and gained around 3 percent as supply disruption came to the fore after BHP, the world’s largest miner by market value, said that it is likely to produce 1.62 million metric tons copper this fiscal year, down 2% on a prior forecast, following a sharp fall in first-half output. BHP is also facing challenges at copper operations in Chile, where workers at its Escondida copper mine, the world’s biggest, have threatened to strike over a pay dispute as an existing wage agreement expires at the end of this month. Outlook LME Copper prices are trading lower by 0.2 percent at $5934/t. Copper will likely trade sideways today as overall global optimism on economic growth will be supportive. However, prices will witness pressure ahead of US advanced GDP data and subdued demand in China citing Lunar New year holiday. We expect MCX copper prices to trade sideways today in line with international trends.