Base Metal Commodity Update by CapitalVia
We expect base metal prices to trade on the positive note on the back of strong US data, which was higher than expectation. Copper prices are expected to move up as strong global economic recovery and supply concerns over strike threats at mines are likely to push prices higher.
Trend of MCX Copper future is bullish and also sustaining around higher levels. So, for the coming week, it could face major resistance of 495/513 whereas 469/451.90 could be a major support in MCX Copper. For the next week trader may go for buy on lower levels, if MCX Copper future sustain above 483.20 levels then it could test the level of 490/ 502 levels.