Base Metal Commodity Update by CapitalVia
Copper prices fell on Friday as investors remained cautious ahead of delayed US economic data which is expected to fall below expectations due to the prolonged shut-down. Chinese GDP growth
came in line with expectations at 7.8% from7.5% in the previous quarter. Base metals are expected to move in range due to mixed Chinese data and caution ahead of US employment and other economic data due next week.
Trend of MCX Copper November future is in consolidation and also sustaining around lower levels. For the coming week, it could face major resistance of 460/471.40 whereas 432/420 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 446.20 levels then it could test the level of 440/432.