Base Metals - Nov 23, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Base metals prices traded steady on Monday with most of the metals traded off the recent highs. Copper prices continued to trade strong near two years high on vaccine hopes while workers at Chile accepted new wage offer ending strike at Lundin Mining Corp. Zinc prices traded up on demand growth optimism on tight supplies while Aluminium prices hovered on strong from China despite of lockdown in Europe and record cases in US. The boosted investment sentiments along with demand recovery from China will support base metals to trade up.

We expect base metals to trade sideways to up for the day on supportive fundamentals. MCX Copper December support lies at Rs. 553 and resistance at Rs. 563. MCX Aluminium December prices support lies at Rs. 158, resistance at Rs. 168. MCX Zinc December support lies at Rs. 220, resistance at Rs. 227.

Source : Equity Bulls

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