Commodities update:Copper (4 July to 9 July 2011)

COMMODITIES UPDATE

COPPER:

·      Copper is in a consolidation phase

·      Strategy of buy on lower levels

·      If next week COMEX Copper does not sustains above the level of 430

·      Below 425 Copper can test the level of 420  

·      Below 421 will try to test 416 if it does not break the level of 432 on the upside

Trader Strategy:

·      For the upcoming week 445 and 455 will act as major resistance and 415 and 405 will act as major supports.

·      For MCX Copper major resistance would be 430 and 440 and supports would be found at 410 and 400.