Readers of this report will appreciate that we had suggested a possible modest rally in copper and warned about a possible slip in aluminium prices. Having said that we also concede that our cautious optimism is likely to be tested in the next few weeks, as key base metals are likely to weather volatile currency and equity markets along with probable stock increases. However, I am not writing off the base metals yet, even if we undergo yet another bout of seemingly endless consolidation in next few weeks. I expect the market to remain subdued this week, with the exception of copper that may attempt 1620 dollars resistance, a break of which may prompt firmness across the board.
NSTL
