Base metals prices traded firm on Monday with most of the metals traded higher in the morning trade. Base metals gained on supportive US data outweighing China demand concerns. U.S. manufacturing expanded at the fastest pace in four months, while consumer sentiment picked up in late September. Earlier, Base metals traded lower in last week as the power curbs in China has led to lower demand for industrial metals with restricted operating activities. China is grappling with an energy crunch that has roiled the metals markets and saw its factory sector contracting in September for the first time since the pandemic began.
We expect base metals to trade sideways to down with MCX Copper October support lies at Rs. 702 and resistance at Rs. 725. MCX Aluminium support lies at Rs. 224, resistance at Rs. 238. MCX Nickel support lies at Rs. 1360 with resistance at Rs. 1430.