On Wednesday, LME Copper rose by 1.4 percent to close at $6136 .0 per tonne. Dovish statements by FED led to an uptrend in the Copper prices. However, the gains were limited after China’s PMI contracted for the second month in January. The global copper market deficit continues to be more than 500,000 tonne, keeping the global premiums higher and signaling towards stronger demand. On the MCX, Copper prices rose by 1.4 percent to close at Rs. 436.7 per kg.
Outlook
LME Copper price is currently trading higher by 0.32 percent to trade at $ 6150.75 tonne. Halt in the rate hikes cycle has pressurized the Dollar and inj turn might support the Copper prices.
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