Base Metals - October 5, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Base metals complex traded mixed with most of the metals witnessed selling form recent highs in last trading session. The weaker dollar supported base metal at LME to limit downside during the week.

Copper prices managed to end in green on fear of supply disruption from Chile. Supervisors at Chile's Escondida mine rejected the company's final wage offer, moving them a step closer to a strike that could slow output at the world's biggest copper operation.

We expect Copper prices to trade positive for the coming week. MCX Copper October futures have near term resistance at Rs. 525 per KG with support at Rs. 490 per KG for short term. MCX Nickel resistance lies at Rs. 1080, while MCX Zinc has important resistance at Rs. 187.

Source : Equity Bulls

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