According to Angel Commodities, LME Copper prices are currently trading higher by 0.3 percent at $5690/t. We expect MCX copper prices to trade higher today.
Angel Commodities' report on Copper
LME Copper prices fell by 2.4 percent last week to close at $5663/t on Friday 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 0.3 percent at $5690/t. Prices are expected to trade higher today as recent weak economic data from the US has raised doubts regarding future course of US rate tightening cycle. 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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