Base metals move higher on positive data from China

Fundamental & Technical Outlook on Commodities - Base Metal

Mr. Vivek Gupta - Director Research - CapitalVia Global Research Limited

Copper prices moved higher along with other base metals as positive data from China along with positive US unemployment numbers helped pushing Copper prices higher. Producers of an alternative to refined nickel in China are expected to cut output as prices for ore imports have nearly doubled since end-February in the wake of a ban on shipments by top exporter Indonesia. We expect Copper to move higher for the week as positive numbers coming from US can help pushing it higher.

Trend of MCX Copper April future is in consolidation and also sustaining around higher levels. For the coming week, it could face major resistance of 440.70/451 whereas 400/389 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 414 levels then it could test the level of 423/438.

Source : Equity Bulls

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