Expect copper prices to trade sideways: Angel Commodities

Angel Commodities’ report on Copper

LME Copper prices gained more than 1 percent on Wednesday as China’s Caixi n manufacturing PMI recovered to 51.1 in April from a four – month low of 51.0 in March. Besides, easing dollar strength from four month highs ahead of FOMC statement boosted further gains. Also, consistent decline in LME stocks acted as a positive factor.

Outlook

Copper prices are currently trading marginally higher at D 6820.5 per t onne.  We expect copper prices to trade sideways today as US – China trade talks will be cautiously watched. However, Fed statement with cautious reference to inflation will weigh on dollar .

For all commodities report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.