MTECHTIPS;-Copper prices to trade sideways today

MTECHTIPS;-Copper prices to trade sideways today

MTECHTIPS-Copper prices gained 0.5 percent on Tuesday, recovering from four-month lows touched in the previous session. Decline in LME stocks by 2.5 percent came as a relief since it jumped by a whopping 37 percent last week and are up by 13 percent this year. Shanghai stocks too have jumped by 60 percent this year.Copper prices are currently trading higher by 0.2 percent at $5520/t. Prices are expected to trade sideways today as Chinese inflation numbers came broadly in line with Beijing’s inflation target. However, high inventories at both LME and Shanghai warehouses still fuel supply glut concerns. Also, investors will cautiously await G 7 Meetings later this week. We expect MCX copper prices to trade sideways today.

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