Commodities

Base Metals - Sep 13, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities



Posted On : 2021-09-13 18:09:34( TIMEZONE : IST )

Base metals prices traded mixed on Monday with most of the metals continued upside extending weekly gains. Base metals traded firm on strong demand prospects and unchanged ECB policy to support economic recovery. Aluminium prices gained nearly 1% on Monday following strong fundamentals. Aluminium supply across Guangxi, Guizhou, and many other regions in China has been affected by energy consumption control policy.

We expect base metals to trade sideways to up with MCX Copper September support lies at Rs. 730 and resistance at Rs. 754. MCX Zinc September support lies at Rs. 248, resistance at Rs. 260. MCX Nickel Sept support lies at Rs. 1480 with resistance at Rs. 1540.

Source : Equity Bulls

Keywords