EPIC RESEARCH MCX Copper UPDATE OF 2 November 2018

Posted by Commodity Updates by Epic Research on 11:29:00 with No comments

Copper trading range for the day is 428.9-447.7.

* Copper rallied after the presidents of the United States and China both expressed optimism about resolving a trade row between the two countries.

* Inventories of copper in LME-approved warehouses, at 143,125 tonnes, are down more than 60 percent since the 2018 peak near 390,000 tonnes.

* The problem is compounded by cancelled warrants at nearly 54 percent of total stocks and a large holding of copper warrants between 50 and 79 percent.

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