CAPITALSTARS MCX COMMODITY COPPER NEWS UPDATE : :30 August 2019
- Base Metals Preview: Copper Sees Bargain Buying
Copper (Sep) may witness some bounce back at lower levels as it can take test 445 while taking support near 440. Copper prices rose on Tuesday after sentiment was boosted by signs of progress in resolving a prolonged trade war between the United States and China. U.S. President Donald Trump on Monday predicted a trade deal with China after positive gestures by Beijing, but gains in metals were capped as the bruising trade war has a tendency to reverse direction in a short period of time. Copper often used to gauge economic health, has been hit by the prospect of weaker global demand as the trade conflict between the world’s two biggest economies entered the second year, despite fundamentals pointing to a larger shortage of the commodity. Zinc can increase towards 185 while taking support near 180. Lead may increase towards 157 while taking support near 152. Nickel may trade sideways as it can face resistance near 1125 while taking support near 1110. Aluminum may test 135 while taking resistance near 140.
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