Base Metals - Oct 19, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC securities

Base metals complex continued to trade with mixed signals with most of the metals are trading firm in the morning trade on Monday.

Base metals are getting support from better than expected China industrial production data while disappointed GDP figures has kept upside limited. China's economy grew by 4.9% in third quarter against forecast of 5.2% Zinc and lead prices may get support from higher demand prospects while Nickel prices may trade firm on strong demand from steel sector.

We expect Copper prices to trade sideways to up with MCX Copper October support at Rs. 524 and resistance at Rs. 532. MCX Zinc October prices may keep sideways to up trading with support at Rs. 193, resistance at Rs. 198.

Source : Equity Bulls

Keywords