Base Metals - Jan 4, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Base metals prices traded firm resuming uptrend after witnessing correction in previous week. The demand recovery hopes from vaccine rollouts and steady factory activities from China has pushed prices up on Monday. Most of the metals traded higher with Nickel, Zinc and Copper leading the gains. Base metals prices were traded higher in line with strong equity indices with dollar decline.

Base metals are expected to trade sideways to up for the day on positive global cues. MCX Copper January support lies at Rs. 601 and resistance at Rs. 610. MCX Zinc January support lies at Rs. 215, resistance at Rs. 220. MCX Nickel January support lies at Rs. 1240 with resistance at Rs. 1290.