Base Metals - April 5, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Base metals complex traded mixed with most of the metals kept firm trading range on Monday. Base metals prices were supported by stronger demand expectations from china ahead of seasonal demand and multi trillion push from US infrastructure plan.

Copper prices were trading higher on supply concerns from top producer Chile as the government may close the borders on rising virus cases in the region. The impact from potential disruptions may be partly offset by lower requirements for copper concentrate from Chinese smelters that have scheduled maintenance.

We expect base metals to trade sideways to up for the week with MCX Copper support at Rs. 667 and resistance at Rs. 689. MCX Nickel support lies at Rs. 1150 and resistance at Rs. 1260 for short term. Zinc and Aluminium may keep steady trading range for the week.

Source : Equity Bulls

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