LME Copper prices rose 0.2 percent on Monday to close at $6539/t recovering from one month low touched last week citing weak investment and Industrial production data from China. Also, LME Copper stocks halted the whopping rally that started last week, pushing the inventories higher by a whopping 46 percent in the last five sessions. 

However, demand concern is far from over as New home prices in China rose in 46 of 70 cities in August from a month earlier, compared with 56 cities in July. MCX Copper gained 0.3 percent to close at Rs.423.9 per kg on Tuesday.

Outlook

LME Copper prices are currently trading higher by 0.24 percent at $6555/t. Copper prices are likely to trade sideways today as global investors will completely focus on the FOMC meeting that starts tonight. On the MCX, copper prices are expected to trade sideways today.

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