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Copper Prices Witness Trading Down By $30 At $685

ByCommodityOnline
Published 05/13/2014, 05:59 AM
Updated 05/14/2017, 06:45 AM



On Monday copper prices at SHFE, LME and COMEX zoomed and settled higher by more than 2 per cent from its previous close. We believe the substantial decline in the global LME may have pushed the metal prices higher in the near term. We have seen at present global stocks at LME are seen trading at 0.205 million tons. Besides, the other factors were moderate to push the commodity higher. Also, the cash to forward premiums are trading in negative suggesting the spot demand is marginally higher in these days which are pushing the prices higher. This morning at LME, copper prices are seen trading down by $30 at $6850 and believe that some more price correction could be noticed especially until the Chinese data are released at 11 AM IST. We shall have to look for the actual data as the commodity is highly prune to Chinese number. So a marginal price correction could be expected. However, as we proceed to the European session possibly the commodity may turn around to stay positive ahead of key economic data from the region. Likewise, the gains may also be prolonged in the US session ahead of the countries retail sales data. Looking at the above scenario we recommend buying the commodity from lower levels.

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