Base metals prices have opened slightly negative as LME prices are trading down by -0.20% to -0.80%. Yesterday base metal prices traded higher but were unable to sustain and prices settled little unchanged as investors shrugged off France's debt downgrade.
They also exercised caution ahead of feedback from a Euro-zone finance minister meeting in Brussels. Overall trend for metals still looks bullish but in the morning session prices may suffer profit booking after which prices may recover.
Copper prices have crucial support of 422 while resistance of 430/432. Intra-day traders may use buy at lower levels strategy.