Base Metals - Jan 11, 2021 - Mr. Tapan Patel- Senior Analyst (Commodities), HDFC Securities

Base metals complex traded positive for the week passed by with most of the metals witnessed strong rally in the first week of 2021. Base metals traded lower on Monday with most of the metals pared some of weekly gains losing more than 1% in the morning session. Copper, Nickel and Zinc prices were trading over 1% of loses followed by Lead and Aluminium. Base metals prices traded under pressure on mounting concerns over rising corona virus cases in China which dampened demand recovery hopes. Base metals are expected to trade sideways to down for the day over stronger dollar and pandemic concerns.

MCX Copper January support lies at Rs. 610 and resistance at Rs. 618. MCX Zinc January support lies at Rs. 215, resistance at Rs. 221. MCX Nickel January support lies at Rs. 1240 with resistance at Rs. 1310.