Base Metal Commodity Update by CapitalVia
Copper prices fell initially on Friday on concerns over credit tightening by China which would hurt the economic growth. Weaker than expected manufacturing numbers from Euro zone and US also hurt copper prices, before prices rebounded to close slightly higher. Positive Chinese manufacturing growth restricted the downside in base metals prices.
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 453/471.40 whereas 429/420 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 440 levels then it could test the level of 435/430.