MTECHTIPS;-Copper prices to trade lower today

MTECHTIPS;-Copper prices to trade lower today

MTECHTIPS-Copper prices gained 0.8 percent yesterday to close at $5956/t as US GDP grew at an annualized rate of 2.1 per cent in the final three months of last year, slowing less than expected supported by robust consumer spending. LME Copper prices are trading lower by 1 percent currently at $5891/t. Prices are expected to trade lower today as Indonesia’s mining minister said Freeport is close to reaching a deal that will allow the mining giant to temporarily resume copper concentrate exports from its Grasberg mine, thereby adding to easing supply woes in addition to end of strike at its Cerro Verde mine in Peru. However, unexpected expansion in China’s manufacturing activity at the fastest pace in nearly 5 years in March will provide a cushion. We expect MCX copper prices to trade lower today in line with international trends.

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