Base Metals Preview: COMEX Copper Remains In Tight Range

COMEX Copper futures remained in tight range but supportive economic data and strong equities kept the metal mostly elevated. The European Bank for Reconstruction and Development raised its economic forecasts for 2018 citing strong investment and higher exports. According to Regional Economic Prospects, the EBRD economies will grow 3.3% this year instead of 3% projected in November. However, this was slower than the 3.8% growth estimated for 2017 due to lower rates of productivity growth in advanced and emerging economies. Growth is forecast to decelerate further to 3.2% in 2019.The EBRD observed that a substantial rise in corporate debt levels was a source of concern. US equities rose as rallying oil prices helped lift energy stocks and sound economic growth estimates also remained in focus. COMEX Copper futures are currently trading at $ 3.05 per pound, almost unchanged on the day. MCX Copper futures are consolidating just under Rs 460 per kg levels and should see a continued sideways movement today.