Base Metals - Dec 14, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Base metals prices traded higher on Monday paring previous losses in the morning trade as vaccine rollouts at global scale boosted investment sentiments into riskier assets. Copper prices are in strong bull run supported by robust demand from China. The Copper inventories at SHFE fell by 15691 tonnes to six year lows which may support copper prices to trade higher.

Zinc and Nickel prices witnessed rally on resume of BREXIT talks while copper prices resume uptrend on Monday. Base metals are expected to trade sideways to up for the day supported by weaker dollar over risk on sentiments.

MCX Copper December support lies at Rs. 601 and resistance at Rs. 610. MCX Zinc December support lies at Rs. 215, resistance at Rs. 221. MCX Nickel December support lies at Rs. 1290 with resistance at Rs. 1340.

Source : Equity Bulls

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