MTECHTIPS;-Copper prices to trade sideways today

MTECHTIPS;-Copper prices to trade sideways today

MTECHTIPS- Copper prices fell by 0.2 percent yesterday to close at $6060/t as Fed reserve official Patrick Harker, reiterated his hawkish stance and said U.S. economy is back to normal, the labor market is healthy again and inflation is headed higher, and he expects the Fed to raise interest rates 3 times this year. Also, Cleveland Fed President Loretta Mester expressed comfort with higher US interest rates. Copper prices are trading lower by 0.4 percent today at $6039/t. Copper will likely trade sideways today as investors will cautiously FOMC meeting minutes due later this week. Also, uncertainty due upcoming European elections will hurt risk appetite. We expect MCX copper prices to trade sideways today in line with international trends.

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