Base Metals - Dec 28, 2020 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Base metals prices traded higher on Monday with most of the metals witnessed strong buying over US aid package and spending. US president Trump signed the $2.3 trillion aid and spending package boosting demand outlook. Lead, Copper and Zinc reported gains while Nickel prices were trading with marginal gains on weaker dollar. Base metals also recovered on positive global cues as UK and European Union are in final stage of the BREXIT agreement which boosted regional currencies pressuring dollar. Base metals are expected to trade sideways to up for the day.

MCX Copper January support lies at Rs. 607 and resistance at Rs. 614. MCX Zinc January support lies at Rs. 219, resistance at Rs. 225. MCX Nickel January support lies at Rs. 1280 with resistance at Rs. 1320.

Source : Equity Bulls

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