MTECHTIPS:- Copper prices to trade lower today

MTECHTIPS:- Copper prices to trade lower today

MTECHTIPS-Copper prices traded higher by 0.7 percent at $5724/t as supply disruption concerns from one of the major mines is providing support. Freeport McMoRan Inc said on Thursday that mining and milling rates at its Grasberg mine in Papua, Indonesia have been affected by an extended strike, and a “large number” of about 4,000 absentee workers were deemed to have resigned.Copper prices are currently trading lower by 0.2 percent at $5717/t. Prices are expected to trade lower today as plunge in oil prices will hurt metals as well. Also, investors will be wary ahead of US Prelim GDP data due tonight. We expect MCX copper prices to trade lower today.
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