According to Angel Commodities, LME Copper prices are currently trading lower by 0.3 percent at $5707/t. We expect MCX copper prices to trade lower today.
Angel Commodities' report on Copper
LME Copper prices surged to a one-week high of $5742/t before closing 1.1 percent higher on Monday following reports that average new home prices in China's 70 major cities rose 0.7 percent in May from the previous month, in the quickest gain since October.
LME Copper prices are currently trading lower by 0.3 percent at $5707/t. Prices are expected to trade lower today as latest hawkish comments by Federal Reserve Bank of New York President William Dudley eased concerns about the US economic health.
However, consistent decline in LME stocks coupled with favorable economic numbers from China will provide a cushion. We expect MCX copper prices to trade lower today.
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