LME Copper prices fell by 0.8 percent to 5760/t, as failure of Donald Trump to "repeal and replace" the Obamacare health insurance reforms in the US Congress has raised questions on his ability to proceed with tax cuts and infrastructure spending. Further, supply disruption concerns were put to ease last week as workers at the Escondida mine in Chile ended their 43-day strike, and restart is based on a provision of Chile's mining law allowing staff to resume work under their old contract for an 18-month period. Besides, Free port’s Grasberg mine in Indonesia resumed copper production after over a month strike.

Outlook

LME Copper prices are trading lower currently by 0.1 percent currently at $5797/t. Prices are expected to trade sideways today as favorable industrial profits data from China eases some demand concerns. We expect MCX copper prices to trade sideways today in line with international trends.

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