Copper prices are expected to trade higher today: Angel Commodities

Copper cooking pots still in use today, some dating back to King George IV, sit on racks in the kitchens at Buckingham Palace in London March 25, 2011. Staff at Buckingham Palace have lifted the lid on preparations for Prince William's wedding next month, giving an insight into what guests can expect and the amount of work they have put in to make the event a success. REUTERS/Nick Ansell/POOL (BRITAIN - Tags: ROYALS ENTERTAINMENT POLITICS FOOD) - RTR2KJGP

Angel Commodities' report on Copper

On Wednesday, LME Copper rose by 1.4 percent to close at $6136 .0 per tonne. Dovish statements by FED led to an uptrend in the Copper prices. However, the gains were limited after China’s PMI contracted for the second month in January. The global copper market deficit continues to be more than 500,000 tonne, keeping the global premiums higher and signaling towards stronger demand. On the MCX, Copper prices rose by 1.4 percent to close at Rs. 436.7 per kg.

Outlook

LME Copper price is currently trading higher by 0.32 percent to trade at $ 6150.75 tonne. Halt in the rate hikes cycle has pressurized the Dollar and inj turn might support the Copper prices.

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