Mr. Vivek Gupta - Director Research - CapitalVia Global Research Limited
LME Copper increased by 0.25 percent on the back of weakness in DX along with the upbeat global markets. Further, decline in LME inventory supported prices. However, uncertainty about the impact of an investigation into metal financing at China's third- largest port. In the Indian Markets copper prices rose by 0.38 percent taking cues from LME prices. However, appreciation in the Indian Rupee prevented sharp upside in the prices.
Trend of MCX Copper June future is in consolidation and also sustaining in range. For the coming week, it could face major resistance of 428/438 whereas 400/388 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 413.70 levels then it could test the level of 420/428.