Though negatively, copper stocks tracked by SHFE have increased to 180,341 MT from 122,189 MT which is the highest level witnessed since the month of June and are leading to conflicting views on the inventory front.
--Copper prices were higher by 0.6% at LME on Friday.
--LME stocks for the commodity have been broadly declining over the last four to five months. Stockpiles at LME came down by 20th trading session and are presently are at 13 months low. Though negatively, copper stocks tracked by SHFE have increased to 180,341 MT from 122,189 MT which is the highest level witnessed since the month of June and are leading to conflicting views on the inventory front.
--We maintain a ranged view in the commodity in Intra-day as it is awaiting major trigger points from the inventory sided at the LME and SHFE along with major updates on the Chinese front owing to increasing imports for refined, concentrate and unwrought copper over last couple of months. With the US market also shut today, there is a possibility of lower participation and movement in the evening session today.