According to Angel Commodities, LME Copper prices are currently trading higher by 0.4 percent at $5682/t. We expect MCX copper prices to trade higher today.
Angel Commodities' report on Copper
LME Copper prices came under pressure on Thursday and declined to one week low of $5642/t before closing at $5661/t following decision by the US fed to hike rates for the second time in three months in June. The Fed added to the hawkish tone saying it would begin cutting its holdings of bonds and other securities this year, signaling its confidence in a growing U.S. economy and strengthening job market.
LME Copper prices are currently trading higher by 0.4 percent at $5682/t. Prices are expected to trade higher today as crucial events have already been discounted including the Fed rate hike. Besides, consistent decline in LME stocks coupled with favorable economic numbers from China will be supportive. We expect MCX copper prices to trade higher today.
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