Expect Copper prices to trade sideways today: Angel Commodities
According to Angel Commodities, We expect MCX copper prices to trade sideways today.
Angel Commodities' report on Copper
LME Copper prices traded flat at $5611/t as latest disappointing economic data releases from China has raised demand concerns from the world’s biggest consumer. Industrial production expanded by an annual 6.5 percent in April, dropping from 7.6 percent in March while fixed asset investment data suggested a slowdown to 8.9 percent in April from 9.2 percent the previous month.
LME Copper prices are currently trading lower by 0.1 percent at $5614/t. Prices are expected to trade lower today as Chinese growth remains a major cause of concern with the list of disappointing data releases.
However, weakness in the DX on latest reports that US President Trump has asked FBI Director James Comey to drop investigation into Trump's former national security advisor. We expect MCX copper prices to trade sideways today.
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