Expect LME Copper prices to trade lower: Angel Commodities

On the MCX, all the base metal prices traded higher in line with international markets.

Copper

LME Copper prices traded on a flat note on Monday as Greece bailout came as a relief for markets. However, gains were capped as China's economic growth is forecast to be the weakest since the global financial crisis in the second quarter, which together with a stock market rout raises pressure on authorities to do more despite little pay-off so far from a run of stimulus steps.

Also, Copper speculators and large futures traders increased their net bearish positions in copper last week.

MCX copper rose by 0.2 percent to close at Rs.359.4/kg in line with international markets.

Outlook

We expect LME Copper prices to trade lower today as Greece's Prime Minister Alexis Tsipras faces a showdown with rebels in his own party on Tuesday furious at his capitulation to German demands for one of the most sweeping austerity packages ever demanded of a euro zone government. Also, strength in the DX ahead of key retail sales data from the US will act as a negative factor.

On the MCX, Copper prices are expected to trade lower taking cues from international markets.

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