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Base Metal Commodity Update by CapitalVia

Keshav Seth 8 February 2014

Base Metal Commodity Update by CapitalVia European Central Bank policy statement as well as U S economic data on Thursday support the copper prices. Copper prices have been under heavy selling pressure in recent weeks as mounting concerns over the global economy dampened demand for growth-linked assets.

Trend of MCX Copper February future is in consolidation but some buying may be expected in it. For the coming week, it could face major resistance of 452/470 whereas 440/428 could be a major support in MCX Copper. For the next week trader may follow buy on lower levels strategy, if MCX Copper future sustain above 444 levels then it could test the level of 453/464.