Expect Copper prices to trade lower today: Angel Commodities

Copper cooking pots still in use today, some dating back to King George IV, sit on racks in the kitchens at Buckingham Palace in London March 25, 2011. Staff at Buckingham Palace have lifted the lid on preparations for Prince William's wedding next month, giving an insight into what guests can expect and the amount of work they have put in to make the event a success. REUTERS/Nick Ansell/POOL (BRITAIN - Tags: ROYALS ENTERTAINMENT POLITICS FOOD) - RTR2KJGP

Angel Commodities' report on Copper

LME Copper prices gained 0.8 percent yesterday to one week high levels as sharp plunge in prices earlier this week following unfavourable economic data from China, gave way to short covering.

Outlook

LME Copper prices are currently trading flat at $5542/t. Prices are expected to trade lower today as string of disappointing data releases from China this week will hurt demand. Besides, high inventories at both LME and Shanghai warehouses still fuel supply glut concerns. Also, investors will cautiously await G7 Meetings later this week. We expect MCX copper prices to trade lower today.

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