MCX Copper April Future to face resistance at 449/460 - CapitalVia

Commodity market outlook - Mr. Vivek Gupta- Director Research - CapitalVia Global Research Limited

Copper prices in COMEX moved down over poor US unemployment data and Durable Goods orders data. However, orders for long-lasting U.S. manufactured goods excluding transportation and a gauge of business spending unexpectedly rose in January. China's factory activity likely expanded only slightly in February. After unveiling the boldest set of economic and social reforms in nearly three decades, China's top leaders meet next week to discuss implementing the changes, but chances are they will play it safe. We expect Copper prices to remain down for the day as poor US data and poor demand from China.

Trend of MCX Copper April future is in consolidation and also sustaining around lower levels. For the coming week, it could face major resistance of 449/460 whereas 425/414 could be a major support in MCX Copper. For the next week trader may follow sell on higher levels strategy, if MCX Copper future sustain below 440 levels then it could test the level of 433/425.

Source : Equity Bulls

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