MCX TIPS-- Copper Market News

Copper settled down -0.68% at 300.15 as expectations of higher interest rates in U.S., broadly stronger U.S. dollar and slower global economic growth weighed. 

Prices of the red metal were down as fears of a China-led global economic slowdown and a stronger greenback slammed commodities. Data showed that the U.S. economy grew more than initially estimated in the third quarter, supporting the case for a rate hike next month. Inbound shipments of refined copper are expected to drop in November. 

Growing supply of domestic refined copper, weak demand and no import profits will combine to reduce import demand. As the year-end nears, domestic copper smelters are expected to increase output to meet production target, in addition to support from the rise in spot TCs for copper concentrate, which rose to $100 per tonne in October, and this will grow refined copper supply in China.

Trading Ideas:
Copper trading range for the day is 294.6-305.6.
Copper prices seen under pressure as expectations of higher interest rates in U.S., broadly stronger U.S. dollar and slower global economic growth weighed.
Prices of the red metal were down as fears of a China-led global economic slowdown and a stronger greenback slammed commodities.
Data showed that the U.S. economy grew more than initially estimated in the third quarter, supporting the case for a rate hike next month.
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