Views of Ms. Kaynat Chainwala (Research Analyst - Base Metals, Angel Commodities Broking):
"Base metals are currently facing a lot of heat, all thanks to the uncertain global environment and drop in Steel prices. Ambiguity in the global markets has refused to die ever since the Syrian gas attack on April 4, 2017. In condemnation of the same, the US carried out a military strike on Syrian airbase, drawing criticism and warning from Russia, Iran and other Syrian allies. Besides, the US sent an aircraft carrier strike group to the Korean Peninsula region to warn it against conducting missile test.
On the other hand, Steel prices have been under pressure citing oversupply as China's steel output rose 1.8 per cent in March to a record 72m tonnes, setting the lower benchmark for other base metals, especially Nickel and Zinc.
Overall, the climate is not so good for risky assets at the moment and investors are likely to seek safe haven in the coming weeks as well considering the upcoming French elections and shocker snap election demand by UK's PM Theresa May."