Copper Prices May Trade Down At $6715
CommodityOnline | Apr 30, 2014 05:59AM ET
3 month forward LME copper prices traded down to settle the contract on Tuesday at $6715 down by $30 from its previous close. We believe the commodity has just moved along with other metals bearish stance while the loss in the metal was least among the sector. As we are observing in the recent past the commodities-metals are these days taking no clear cues from the global equity markets and the same is also reflected on the metals amidst it’s also taking no cues from the inventory.
This morning at LME copper is seen trading near $6730 and likely that initially slight pullback in the prices could be noticed supported by higher Asian markets while as the day progresses the commodity may take fresh cues from the European session and likely that it may again turn down. While during the US session we may witness good amount volatility in the underlying. For the day we do not intend to take a fresh stance on the commodity while we suggest making only intraday momentary trades for the day. News: Copper prices fell the most in two weeks as the Federal Reserve starts a policy meeting projected to result in a further cut for economic stimulus. The U.S. central bank will end its two-day gathering today. A tapering announcement could be bullish for the dollar while most of t he dollar denominated assets could come under pressure. Hence, possibly the commodity may turn down during the US session.
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