Copper prices are expected to trade lower today: Angel Commodities

Angel Commodities' report on Copper

LME Copper plunged by 0.04 percent in yesterday’s trading session on concerns about demand prospects in top consumer China where economic recovery appeared to be slowing.

As per customs data released yesterday, China's copper imports fell for a third straight month in June as high prices and slowing manufacturing growth weighed on demand in the world's top consumer of the metal.

Imports of unwrought copper and copper products were 428,438 tonnes last month, the General Administration of Customs said. That was down 3.9% from 445,725 tonnes in May and down 34.7% from 656,483 tonnes in June 2020, then a monthly record.

Outlook

Industrial metals might feel some pressure in the week ahead on signs of weakness in China’s economy. However, prospects of easing monetary policy by China will be supportive for the Base metals complex. On the MCX, Copper prices are expected to trade lower today.

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