Copper Prices Traded Flat At $5656

LME Copper prices traded flat at $5656/t yesterday as investors were wary ahead of opening of Chinese markets after a four-day long holiday. Also, geopolitical tensions in Europe coupled with upcoming FOMC meeting kept investors away from risky assets.

Besides, Chinese demand woes continued to hurt following recent Moody’s downgrade and weak imports data. Moody’s downgraded Chinese sovereign debt rating on 23rd May’17 for the first time since 1989, adding to slew of worries regarding growth of the mainland nation.

Further, Chile produced 429,241 mt of copper in April, down 1.8% from a year earlier but up 13.5% on the month as output began to recover from a prolonged strike at the giant Escondida copper mine that halted production for most of February and March.

Also, the International Copper Study Group (ICSG) said in its latest monthly bulletin that global world refined copper market showed 93,000t surplus in Feb’17, compared to a 55,000t surplus in Jan’17.

However, sharp downside is restricted as inventories continued their downward trajectory for the seventh day in a row to 315,200 tonnes, pulling stocks down by 7 percent since 17th May’17.MCX copper prices fell 0.1 percent yesterday to close at Rs.367.2 per kg on Tuesday in line with LME markets.

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Suhani Verma

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