MTECHTIPS;-Copper prices to trade lower toda

MTECHTIPS;-Copper prices to trade lower today

MTECHTIPS- Copper prices plunged 1.4 percent to close at $6021/t as Janet Yellen in her testimony said it would be “unwise” to wait too long to hike rates, although she declined to say about the rate trajectory in March FOMC meeting. Copper prices are trading higher by 0.5 percent today at $6061/t. Copper will likely trade lower today as investors will be cautious of another set of comments from Yellen’s testimony. Also, inflation and retail sales data from the US due tonight will be keenly watched. We expect MCX copper prices to trade lower today in line with international trends.

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