Base Metals - July 19, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Base metals prices traded mixed during the week passed by on stronger dollar and lack of global cues. Most of the metals traded under pressure except Nickel and Zinc which ended in green. Nickel prices rose to five month high on higher demand and lower supply concerns.

Base metals kept hovering in the limited range as investors and traders are awaiting for fresh triggers. The rising worries of spreading Delta variant in spike of cases in UK pressured base metals in absent of key economic data. Copper stockpiles at SHFE fell by 15876 for the week limiting downside in copper.

We expect base metals to trade sideways to up with MCX Copper July support lies at Rs. 720 and resistance at Rs. 740. MCX Zinc July support lies at Rs. 238, resistance at Rs. 247. MCX Nickel July support lies at Rs. 1370 with resistance at Rs. 1480.

Source : Equity Bulls

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