Last week, Copper declined by 0.3 percent on the LME whereas on the MCX prices declined by 0.6. China imported 391,000 tonnes of unwrought copper in March 2019, up by 25.7 percent from the previous month and 26.5 percent higher than a year earlier which weighed on prices. However, robust economic data by China and chances of a possible trade deal between U.S. and China restricted the downside for the red metal prices. Moreover, increase in demand for Copper as a key component of the Electric Vehicles might support the prices.
Outlook
LME Copper price are currently trading lower by 1.31 percent at $6436.0 per tonne. Strengthening of U.S. Dollar might weigh on the industrial metals.
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