MTECHTIPS;-Copper prices to trade sideways today

MTECHTIPS;-Copper prices to trade sideways today

MTECHTIPS-Copper prices surged 1.5 percent yesterday to close at $5742/t as data from the ICSG showed the global world refined copper market shifted to a 5,000 tonne deficit in March, compared with a 102,000 tonne surplus in February.  Copper prices are currently trading lower by 0.1 percent at $5734/t. Prices are expected to trade sideways today as latest hawkish comments by Fed member Patrick Marker to keep a pause on rate hikes will provide some relief. Also, consistent decline in LME stocks will provide a cushion. We expect MCX copper prices to trade sideways today.

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