Base Metals - Aug 17, 2020 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC securities

Base metals complex traded higher on Monday with Zinc and Nickel prices rallied the most witnessing nearly 2% gains during the day. Copper prices resumed uptrend on sign of easing US-China trade tensions.

Nickel and Zinc prices rose on higher spot demand with rise in steel and iron ore prices. Base metals got support from rally in Shanghai Metals exchange. However, the disappointed US economic data and delay in trade talks have kept prices off the recent highs.

We expect base metals to trade higher on positive global cues with MCX Copper August having important support at Rs. 510 and resistance at Rs. 516. MCX Nickel August has resistance at Rs. 1130, support at Rs. 1080.

Source : Equity Bulls

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