Base Metals - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Base metals complex traded mixed with most of the metals witnessed selling on Monday. Base metals prices pared gains on demand growth concerns amid fresh spat between US and China over South China sea and Hong Kong National Security Law.

Copper prices traded under pressure on ease of supply concerns from top mining nations Peru and Chile on mediation with labour unions. Copper inventories at SHFE rose by 16% to 158647 tonnes during the week. LME Copper prices have touched strong resistance near $6645 at 76.4% retracement levels of previous fall.

We expect Copper prices to witness some correction with support at $6240 per tonne. MCX Copper July futures have near term resistance at Rs. 510 per KG with support at Rs. 490 per KG for short term.

Source : Equity Bulls

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