Commodity Online reported that the trend in copper futures for August delivery on India's Multi Commodity Exchange is negative and the base metal is expected to continue with the trend for the day. Mr Tarang Parmar research analyst said that “For intra day, support for the base metal is seen at 418 and 415 levels while resistance is seen at 425 and 428 levels.� Copper prices in both domestic and global market are witnessing negative trend due to concerns over global economic recovery. Copper is expected to trade less volatile as US markets are closed for the day on account of Independence Day. China being the largest consumer has indicated sings of slowdown in industrial production. In addition, copper inventories are well over 600,000 tonnes which is high on a historic basis. China’s manufacturing numbers are weakening, which may create stockpiles of copper, thereby further pressurizing the prices. People are worried that China, which really drives a lot of the metal stories, is not growing as fast as expected. European Central Bank is scheduled to release its decision on interest rate at 05.15 PM IST which is followed by president Mario Draghi's speech at 06.00 PM IST. The base metal investors may get trading clues from the speech for their further trading. US Non farm pay roll data (jobs data) is scheduled to be released at 06.00 PM IST on Friday by which investors are expected to get clues on the health of the world's largest economy.

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