MTECHTIPS:-Copper prices to trade sideways today

MTECHTIPS:-Copper prices to trade sideways today

MTECHTIPS-Copper prices traded lower by 1 percent yesterday as investors were cautious ahead of return of Chinese markets and Caixin manufacturing data for January. However, other factors stayed supportive as Anglo-Swiss miner Glencore said Copper production was 5% lower to 1.42 m tonnes due to suspended production at Glen core’s African copper assets, this was partly offset by higher grades and throughput in South America. Outlook LME Copper prices are trading lower by 1.3 percent at $5810/t. Copper will likely trade lower today as Chinese manufacturing activity slowed to 51 in January from December. Also, investors will be cautious ahead of key ADP nonfarm payrolls data due tonight. We expect MCX copper prices to trade sideways today in line with international trends

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