MTECHTIPS;-Copper prices to trade lower today

MTECHTIPS;-Copper prices to trade lower today

MTECHTIPS- Copper prices declined by 1.3 percent on Tuesday to close at $5773/t on account of profit booking at higher levels as prices fell to its lowest in a month on Tuesday on a surge in warehouse stocks and zinc hit a seven-week low as investors liquidated positions in both metals on concerns that markets had decent supplies despite mine strikes and shutdowns. LME Copper prices are trading higher today by 0.3 percent currently at $5790/t. Slow growth forecast in China, surge in warehouse stocks are factors exerting downside pressure on metals and copper prices in particular. However, sharp downside will be limited as supply disruption concerns continue for the third week in a row. We expect MCX copper prices to trade lower today in line with international trends.

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