MTECHTIPS:-Copper prices to trade higher today: Angel Commodities

MTECHTIPS:-Copper prices to trade higher today: Angel Commodities

MTECHTIPS- Copper prices fell by 0.8 percent yesterday as robust economic data releases from the US boosted the dollar. ADP National Employment Report showed U.S. private employers added 246,000 jobs and the Institute for Supply Management factory activity rose at the fastest pace in more than two years to 56 in January. MCX copper prices traded lower by 0.7 percent on Wednesday to close at Rs. 403.3 per kg. Outlook LME Copper prices are trading lower by 0.3 percent at $5973/t. Copper will likely trade higher today as DX weakness post the Fed kept its interest rate unchanged as expected and sounded a little cautious about the pace of future rate hikes, will be supportive. We expect MCX copper prices to trade higher today in line with international trends.

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