MTECHTIPS:-Copper prices to trade lower today

MTECHTIPS:-Copper prices to trade lower today

MTECHTIPS-Copper prices plunged 1 percent yesterday to close at $5543/t as the Fed maintained status quo in the latest meeting but signaled that two more rate increases are likely this year. Also, recent steps by the Chinese government to cool the overheated property market are going to hurt base metals demand in the near term. Six major Chinese banks have raised interest rates on housing loans for first- and second-home buyers, effective from May 1, in Beijing Copper prices are currently trading lower by 0.2 percent at $5533/t. Prices are expected to trade lower today as investors will keenly watch NFP numbers from the US due today. 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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