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

Base metals prices halted previous gains witnessed mixed trading on Tuesday. Copper prices traded flat after hitting 29 month high on Monday as vaccine hopes boosted demand prospects. Copper is up 6% in November, getting boost from rebound in China's manufacturing and infrastructure activity. The rally in equity indices and weaker dollar mat continue to support base metals on risk on sentiments.

The rally in non ferrous metals with strong demand recovery from China may support base metals to trade higher in coming week. MCX Copper November support lies at Rs. 537 and resistance at Rs. 556. MCX Nickel November prices support lies at Rs. 1210, resistance at Rs. 1160.

Source : Equity Bulls

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