MTECHTIPS;- Copper prices to trade lower today

MTECHTIPS;- Copper prices to trade lower today

MTECHTIPS-Copper prices surged 1.2 percent yesterday to close at $5802/t as supply disruption concerns buoyed an upside. Workers’ union representing a third of the 32 K workforce sent a notice to Freeport Indonesia unit threatening to strike from May 1 to the end of the month at the Grasberg mine after the company laid off around 10% of its Grasberg workforce due to a contract dispute with the government. Copper prices are currently trading lower by 0.9 percent at $5751/t. Prices are expected to trade lower today as investors will take to the sidelines ahead of FOMC Statement due tonight. Also, risk appetite will be lower this week ahead of Sunday’s French presidential election second round. We expect MCX copper prices to trade lower today.

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