Copper prices to trade higher today: Angel Commodities
Angel Commodities’ report on Copper
LME Copper prices rose 1.6 percent yesterday to close at $ 6917/t as encouraging economic data from China despite lingering trade woes with US boosted the metal. Chinese PPI showed an uptick to 3.4 percent y-o-y while CPI rose a modest 1.8 percent in April. Earlier, encouraging Chinese trade data showed both rising imports and exports in April.
Further, consistently falling inventories and strong import numbers from top consumer China continued to support prices. China imported 442,000 tonnes of unwrought copper in April, according to customs data released this week, the highest monthly total so far in 2018. MCX Copper prices rose 1.1 percent on Thursday to close at Rs.462.9 per kg.
LME Copper prices are currently trading flat at $ 6916 per tonne. We expect copper prices to trade higher today on supportive economic data sets from China. Also, soft inflation readings from the US indicated that the Fed might not be as aggressive on rate hikes as expected earlier. On the MCX, copper prices are expected to trade higher today.
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