Copper Prices Fell By 0.6 Percent

LME Copper prices fell by 0.6 percent yesterday to close at $5858/t as global investors grew cautious ahead of Trump-Jinping meeting wherein the United States is targeting a reduction in China's $US347 billion ($A460 billion) goods trade surplus through tougher enforcement of trade laws and anti-dumping and anti-subsidy duties. However, sharp downside was restricted as early private indicators from China and US is boosting demand outlook. 

Also, supply disruption concerns might rise as unionised workers at Southern Copper Corp’s Toquepala and Cuajone mines in Peru are planning a strike that could start as early as Friday April 7. Besides, LME inventories have been consistently falling, pulling the stocks down by more than 20 percent since 14th Mar’17 and 13 percent on a year to date basis. MCX copper prices traded lower by 1.4 percent to close at Rs.380.7 per kg on Thursday.

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Suhani Verma

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