Base Metal Commodity Update by CapitalVia
Copper prices rose on Friday as a weaker dollar pushed prices higher and inventories at LME warehouses fell by 2,700 tonnes to 429,200 tonnes, the lowest level since February. However expectations of market surplus on growing mine supplies and lower volumes limited the upside in copper. Base metal are expected to move down as weak dollar and fear of Fed trapping the bond buying program are likely to weight on prices.
Trend of MCX Copper February future is in consolidation and also sustaining around lower levels. For the coming week, it could face major resistance of 457/468 whereas 433/424 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 447.60 levels then it could test the level of 442/435.