Copper prices fall as China reveals poor industrial production data

Fundamental & Technical Outlook on Commodities - Mr. Vivek Gupta – Director Research - CapitalVia Global Research Limited

Copper prices in London, Shanghai and US fell down further as China reveals a poor industrial production data. Industrial production in China moved down to 8.6% vs 9.7% prev. Growing jitters about the financial health of bloated industries in China have prompted many banks to cut lending in these sectors by as much as 20 percent. Stronger dollar internationally also pushed the Copper prices down. We expect copper prices to move down further over poor Chinese data has increased the worries over Chinese economy.

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 408/420 whereas 385/373 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 399 levels then it could test the level of 393/385.

Source : Equity Bulls

Keywords