Copper prices to trade lower: Angel Commodities
Angel Commodities’ report on Copper
LME Copper prices plunged 2 percent to close at D 6805 /t yesterday as strict crackdown by Chinese state planning agency on railway infrastructure projects to prevent “disguised” debt issuance by local government via public – private partnership (PPP) projects weighed on Steel demand, hurt nonferrous metals. Besides, consistent decline in LME inventories could not help the metal. LME Copper stocks have plunged by 18 percent since last week, pushing cancelled warrants up to around 40 percent.
Copper prices are likely to trade lower today as North Korea’s missile launch this morning reignited global concerns.
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