As forecast by this report, copper tested 1700 dollars/mt after clearing 1675 dollars/mt. So far aluminium has hesitantly followed and is perched just under 1400 dollars/mt. I have some good and bad news and lets start with good one first. Copper looks firmly into an up-trend and a return to 1625-50 dollars range may present long term buying opportunity. Similar for aluminium in the light of a firm copper, return to 1350s dollars may present short to medium term buying opportunity. Now the bad news and that is, unless copper tests 1750-75 dollars in the next one month, there is distinct possibility of a fund sell off and return to above mentioned 1625-50 dollars range, that readers will note is where long term buying opportunity would exist. Similarly for aluminium loss of 1350 dollars/mt in the background of overall weak base metals complex may hurtle it towards 1300 dollars/mt.
NSTL
