NEW YORK ( TheStreet) -- According to a report from Fitch, base metals face a downside risk in the near term. The agency reckons that global metals demand would depend on the growth of developed economies in the next recovery phase. However, it forecasts a stable outlook for the sector.
On Friday a disappointing reading on consumer sentiment was released.
Copper for delivery within three months traded 0.2% down at $6,665 in early hours of trading on the London Metal Exchange (LME). During the week, the metal was down 1.2%. Inventory levels closed at 427,725 tonnes Thursday, down 775 tonnes. Copper is expected to trade sideways with support at $6,647 and resistance at $6,681.
Major copper producers in the world are trading very close to their resistance levels.
Freeport-McMoRan Copper & Gold
(FCX - Get Report)
, which closed at $63.17 in the previous trading session, has support at $62.87, while resistance lies at $64.01, followed by $64.84. Meanwhile,
(TCK - Get Report)
closed at $32.92, with support and resistance levels at $32.38 and $33.40, respectively.
Aluminum for delivery within three months traded flat at $2,015 per ton in early hours of trading at the LME. LME inventories were up by 5,825 tonnes to close at 4.38 million tonnes. Aluminum faces support at $2,009 and resistance at $2,022.
(AA - Get Report)
ended yesterday's session at $10.84, close to its resistance of $10.99, after which is technically was seen to be crossing $11.14. Its support lies at $10.65.
(KALU - Get Report)
closed at $37.60, with support and resistance at $36.90 and $38.09, respectively.
Nickel for delivery within three months dipped 0.5% to $19,300 per ton in early hours of trading on LME. The metal declined 0.5% in the past week. Stockpiles maintained by LME declined by 234 tonnes to close at 119,562 tonnes. Nickel faces support at $19,234 and resistance at $19,433.
Zinc for delivery within three months increased 1.4% to $1,833.3 per ton in early hours of trading on the LME. The metal has lost 5% this week. Zinc inventories maintained by LME added 900 tonnes to close at 616,925 tonnes. Zinc faces support at $1,821 and resistance at $1,841.