Commodity Market Report (for August 25 to 30) by Mr. Vivek Gupta – Director Research, CapitalVia Global Research Limited
Copper was unexpectedly of the strong performers yesterday rising by over 2% 7010/MT mark. There have been no major changes over Inventory front lately while Copper backwardation which rose to $38 in earlier. half of the week once again fell to $27 per MT mark per MT. Today's Chinese weak PMI number might continue to have a cap on the metal gaining in a big way and thus we hold a ranged view in the commodity.
Trend of MCX Copper August future is in consolidation and also sustaining in range. For the coming week, it could face major resistance of 428/440 whereas 390/378 could be a major support in MCX Copper. For the next week trader may follow sell on higher levels strategy, if MCX Copper August future sustain below 420 levels then it could test the level of 411/402.