Mr. Vivek Gupta, CMT - Director Research, CapitalVia Global Research Limited
Entire metal complex trade down this week. We saw its prolonged effect. We talk about copper it headed for a third weekly drop due to signs that china's economy is likely to weaken further. We have to be actually cautious today about each especially when we have the industrial production number from major consumers of metal in the world. Therefore, volatility is very much likely today. Since, the recent trend have been bearish, we wish to maintain the same stance barring a few like nickel. For remaining we hold a bearish outlook on today's trading session.
Trend of MCX Copper November future is in consolidation and also sustaining in range. For the coming week, it could face major resistance of 428/442 whereas 392/380 could be a major support in MCX Copper. For the next week trader may follow sell on higher levels strategy, if MCX Copper November future sustain below 417 levels then it could test the level of 405/392.