Base Metals - Dec 7, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Base metals prices traded under pressure on Monday morning trade as firm dollar triggered some profit booking. Base metals have continued strong bullish run in previous week while fear of more lockdown in US over rising virus cases has raised concerns over demand growth. Copper prices traded under pressure as copper inventories at SHFE reported first weekly increase since October.

Base metals are expected to trade sideways to down witnessing some correction for the day. MCX Copper December support lies at Rs. 589 and resistance at Rs. 596. MCX Zinc December support lies at Rs. 210, resistance at Rs. 217.

Source : Equity Bulls

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