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.
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 .
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