MTECHTIPS:-Copper prices to trade sideways today

MTECHTIPS:-Copper prices to trade sideways today

MTECHTIPS-Copper prices traded lower by 0.7 percent at $5628/t as renewed strength in the DX after it plunged to seven month lows is weighing on the metal. Also, rising bets of US rate hike in the upcoming June’17 meeting is acting as a negative factor. Besides, three consecutive weeks of gains in shanghai inventories to 208,239 tonnes hurt prices.Copper prices are currently trading flat at $5645.5/t. Prices are expected to trade sideways today as investors will cautiously watch Britain’s elections this week. Also, Chinese industrial production data due Thursday will be closely watched for cues on its economic health. We expect MCX copper prices to trade sideways today.
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