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.
CopperCopper 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, Teck Resources (TCK - Get Report) closed at $32.92, with support and resistance levels at $32.38 and $33.40, respectively.
AluminumAluminum 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.
Alcoa (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. Kaiser Aluminum (KALU - Get Report) closed at $37.60, with support and resistance at $36.90 and $38.09, respectively.