Angel Commodities’ report on Copper
LME Copper prices fell 0.6 percent on Tuesday to close at $ 5892 /t , as risk appetite turned sharply lower after North Korea claimed it successfully test – launched an intercontinental ballistic missile (ICBM) for the first time. However, sharp downside was restricted as Caixin China manufacturing purchasing managers’ index rose to 50.4 in June from 49.6 in May, signalling improved manufacturing activity. Last week, Chinese official manufacturing PMI rose to 51.7 in June, from 51.2 in May, downplaying serious Chinese economic concerns. Last week, Chinese official manufacturing PMI rose to 51.7 in June, from 51.2 in May, downplaying serious Chinese economic concerns. MCX cop per prices traded lower by 0.5 percent on Tuesday to close at Rs.385 .8 per kg.
LME Copper prices are currently trading higher by 0. 2 percent at $ 5898 /t. We expect Copper prices to trade sideways today as global risk aversion following North Korea missile test will exert pressure. However, favorable Chinese manufacturing activity will be supportive. We expect MCX copper prices to trade sideways today.
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