Copper prices to trade sideways: Angel Commodities
Angel Commodities’ report on Copper
Copper prices recovered marginally on Wednesday after the biggest one day fall in three years in Tuesday’s session. However, stronger DX citing passage of US tax bill by both houses continued to hurt dollar denominated metals. Also, doubts regarding demand in China is also hurting the metal as China’s copper imports fell to 330,000 metric tons of unwrought copper and copper products in October, 23.2% lower compared to September to the lowest level since April 2017.
Copper prices are currently trading higher by 0.4 percent at D 6577 / t. Copper prices are likely to trade sideways today as stronger DX ahead of key Nonfarm payrolls report will continue to bother metal investors. However, expectations that the PBoC will stand pat on interest rates despite tightening policies elsewhere in the developed world will provide a cushion.
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