Copper prices to trade higher today: Angel Commodities
Angel Commodities’ report on Copper
LME Copper prices rose 1 percent yesterday to close at $ 6810/t as 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.
Further, Copper output in Chile, the world’s top producer and exporter, rose 18.9 percent in the first quarter of 2018 from the same period a year earlier to 1.42 million tonnes. MCX Copper prices rose 0.4 percent on Wednesday to close at Rs. 457.9 per kg.
LME Copper prices are currently trading higher by 0.5 percent at $ 6842 per tonne. We expect copper prices to trade higher today on supportive economic data sets from China. On the MCX, copper prices are expected to trade higher today.
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