January 31, 2017 / 12:37 IST
Angel Commodities' report on Copper
LME Copper prices plunged by 1.3 percent yesterday to $5820/t as broader market pessimism spilled into metals space after Donald Trump on Friday put a four-month hold on allowing refugees into the country, an indefinite ban on refugees from Syria and a three-month bar on citizens from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen.
Also, news that Indonesia may issue a temporary permit valid for up to six months to Freeport to resume exports of concentrate from its Grasberg mine in Papua, acted as a negative factor. MCX copper prices traded lower by 1.3 percent on Monday to close at Rs.398 per kg.
Outlook LME Copper prices are trading higher by 0.5 percent at $5845/t. Copper will likely trade lower today as uncertainty regarding Trump’s policies going forward is hurting global risk appetite.
Also, prices will witness pressure citing subdued demand in China owing to week long Lunar New Year holiday. We expect MCX copper prices to trade lower today in line with international trends.
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