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Commodities
Base Metals - Sep 6, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities
Posted On : 2021-09-06 21:46:13( TIMEZONE : IST )
Base metals prices traded mixed during the week with Nickel and Lead prices gained the most for the week while Zinc and Copper traded with marginal gains limiting upside on weak China data. Base metals got additional boost from weaker dollar and string equity indices during the week. Copper and Zinc prices traded under pressure on disappointed China manufacturing PMI data raising demand concerns. Aluminium prices traded higher after China called for tougher controls on energy consumption. The rising demand for EV market has also boosted buying in Nickel and Lead recently.
We expect base metals to trade sideways to up with MCX Copper Sept support lies at Rs. 705 and resistance at Rs. 725. MCX Aluminium support lies at Rs. 211, resistance at Rs. 221. MCX Nickel Sept support lies at Rs. 1420 with resistance at Rs. 1510.
