Base Metals - Feb 8, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Base metals complex traded mixed with Copper and Nickel headed with marginal gains while Zinc and Lead prices were trading under pressure on Monday.

Base metals prices are trading muted on slower manufacturing activities in China ahead of Lunar day holidays. Copper prices are supported by supply crunch fears and demand growth optimism over global vaccine rollouts. Base metals capped upside limited with gains in weekly inventories at SHFE.

Base metals are expected to trade sideways to up for the short term. MCX Copper February support lies at Rs. 603 and resistance at Rs. 617. MCX Zinc February support lies at Rs. 205, resistance at Rs. 216. MCX Nickel February support lies at Rs. 1260 with resistance at Rs. 1360.

Source : Equity Bulls

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