Thursday, 8 June 2017

EPIC RESEARCH MCX COPPER UPDATE OF 08 JUNE 2017

Copper trading range for the day is 359.8-366.6. Copper recovered on short covering after prices dropped amid weaker than expected German manufacturing data pointed to lower demand. Prices also seen supported by a fall in stockpiles at LME warehouses by 5,350 tonnes to 294,225 tonnes, down from a recent high of 340,350 tonnes in mid-May. The discount of LME cash copper to the three-month contract rose to $30 a tonne from $14 two weeks ago, indicating tighter supply.

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