According to Angel Commodities, expect MCX copper prices to trade higher today.
Angel Commodities' report on Copper
MCX copper prices traded higher by 1.1 percent on Monday to close at Rs.370.2/kg as favorable Chinese economic data boosted an upside. LME Copper prices closed by 2.4 percent last week to close at $5692 per tonne while MCX copper prices closed down lower by 2.6 percent in the same time frame as a tentative recovery in broader financial markets lost steam, with geopolitical tensions and fading hopes of a boost to U.S. demand putting pressure on prices.
LME Copper prices are currently trading higher by 0.5 percent at $5721/t. Prices are expected to trade higher today as latest numbers from China have brightened prospects for base metals in the otherwise gloomy macroeconomic scenario.
China's economy grew 6.9 percent in the first quarter from a year earlier, slightly faster than expected while Industrial production rose 7.6% in March, the highest level since the end of 2014. Further, New-home prices gained last month in 62 of the 70 cities tracked by the government, compared with 56 in February. We expect MCX copper prices to trade higher today.
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