Base Metals - May 3, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Base metals prices traded higher with most of the metals gained in the morning trade on Monday. Base metals traded positive over stronger economic outlook with positive US data. The ease in lockdown measures in Europe gas also lifted demand prospectus. Base metals complex got support from another US stimulus package.

Copper prices continued upside despite of boost in output from major mine and rise in Shanghai inventories. The surge in Copper prices has impacted consumptions in China with idle units and delayed deliveries.

Base metals are expected to trade sideways to up for the day. MCX Copper May support lies at Rs. 748 and resistance at Rs. 770. MCX Zinc May support lies at Rs. 228, resistance at Rs. 240. MCX Nickel May support lies at Rs. 1260 with resistance at Rs. 1380.

Source : Equity Bulls

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