(Before It's News)
MTECHTIPS:-Copper prices to trade higher today
MTECHTIPS-Copper prices rsoe 0.3 percent to close at $6106/t as US president surprised the global markets by affirming to the One China policy, a major bone of contention between the two superpowers. Also, supply concerns at Freeport mine in Indonesia continue even after the government granted it new export permit since the company wants the same fiscal and legal protection in its current contract was supportive. Copper prices are trading higher by 0.2 percent today at $6139.5/t. Copper will likely trade higher today as China’s consumer price index increased 2.5 per cent in January from a year earlier, compared with a 2.1 per cent gain in December and producer prices rose for the fifth consecutive month in January from a year earlier. However, investors will be cautious ahead of 2-day Yellen’s testimony starting tonight. We expect MCX copper prices to trade higher today in line with international trends.
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