Copper and aluminium avoided further technical deterioration and it is quite likely that this week the base metals may just be able to hold on to the modest gains. However, the market looks anything but robust and is susceptible to selling and profit taking at rallies. I expect the market to move sideways early this week and in later part of the week may even attempt to clear nearby resistance levels, 1620s dollars and 1520s dollars in the case of copper and aluminium.As expected gold slid below 300 dollars/oz early last week, however, it was lent a helping hand by oil prices and the rouge flyer in Milan. What is also note worthy is that the Indian demand has been good last week and it should support the prices over 300 dollars this week.
NSTL
