Base Metal Commodity Update by CapitalVia
Copper prices fell on Friday as disappointment from the Chinese Communist Party meet and looming market surplus weighed on prices.
China is the world's top copper producer and importer and a pumped-up production figure would exaggerate its underlying demand, adding to analysts' suspicion about the reliability of data ranging from jobs to exports. Base metals prices are expected to move down as a stronger rupee and technical selling can push prices further down in India.
Trend of MCX Copper November future is in consolidation and also sustaining around levels levels from the last week .
For the coming week, it could face major resistance of 450/462 whereas 423/415 could be a major support in MCX Copper.
For the next week trader may go for sell on higher levels, if MCX Copper future sustain below 439 levels then it could test the level of 434/424.